Philippines Gambling Industry Set to Hit $10B by 2027
The Philippines casino industry is set to continue growing over the next several years, with gross gaming revenue set to reach $10 billion by 2027, GCG Gaming Advisory Services, a consultancy firm, outlined, cited by Asgam.
Many Reasons for Optimism Moving Forward
According to GCG, there is significant and consistent growth in the gambling industry in the Philippines, with the country quickly returning to 2019 revenue performance metrics in 2023 and reaching $5 billion in revenue. In comparison, 2022 is expected to generate up to $4 billion but no less than $3.9 billion.
There are several contributing factors to why GCG expects the Philippines gambling industry to continue recovering. First, there is international travel, which has not quite bounced back, but with open borders, this means that the treacle of visitors will continue to pick up over the next months.
Korean, Chinese, and Japanese nationals are among the people visiting to play and benefit from the gambling industry, the consultancy adds and says that locals are also keen on spending on casino products, which should give the industry a strong foothold to build upon. Meanwhile, this year has been fairly robust for the industry, with licensed casinos contributing some $2.04 billion through the first nine months of the year.
The Philippines to See More Integrated Resorts Arrive
PAGCOR casinos and other gambling properties, as reported, added another $1.04 billion in the third quarter as well. The reporting is not as clear-cut as in other jurisdictions, but the numbers keep going up. GCG commented that casinos in the Clark area must have contributed some $110 million most recently.
Meanwhile, the Philippines is also preparing to see more integrated resorts arrive in the country. There will be several such openings over the coming years, which analysts feel confident would only lead to an overall boost in the results for the industry. The Philippines has also lifted mask mandates and has made it easier for international travelers to enter the country.
Although Fiona doesn't have a long-spanning background within the gambling industry, she is an incredibly skilled journalist who has built a strong interest in the constantly growing iGaming network. The team at GamblingNews.com is glad to have her on our roster to help deliver the best stories as soon as they hit. Aside from writing, she loves to dabble in online casino games such as slots and roulette, both for her own enjoyment and also as research to better improve her understanding of the industry.
