The Philippines: A Rising Star in Asia’s Gambling Market
In a bold assertion that has captured the attention of the gaming world, Alejandro Tengco, the Chairman and Chief Executive Officer of the Philippine Amusement and Gaming Corporation (PAGCor), has stated that the Philippines is on the verge of surpassing Singapore as the second-largest gambling market in Asia. With the country’s gross gaming revenues projected to exceed $5.7 billion this year, an 18% increase from the previous year, the Philippines is poised for a significant leap in the competitive landscape of Asian gaming.
Optimistic Outlook for Growth
Tengco’s optimism stems from a combination of factors that are expected to bolster the Philippines’ gaming revenues. The recent opening of the Solaire Resort North, a venture by Bloomberry Resorts Corporation, is anticipated to attract more visitors and enhance the gaming experience in the country. Moreover, the introduction of up to eight new gambling-friendly projects is set to further invigorate the market. While the Philippines is on track to challenge Singapore’s estimated revenues of around $6 billion, it still has a long way to go to catch up with Macau, which is projected to close 2024 with revenues nearing $28 billion.
“If Singapore doesn’t expand, it will plateau,” Tengco remarked, hinting at the potential for the Philippines to capitalize on Singapore’s stagnation. His confident prediction suggests that the Philippines could very well eclipse Singapore in the coming year, marking a significant milestone in its gaming industry.
The Online Gaming Advantage
One of the key differentiators for the Philippines is its burgeoning online gaming sector. Unlike Singapore, which has maintained a strict stance against iGaming since legalizing casinos in 2006, the Philippines is actively expanding its online casino offerings. Currently, online gaming contributes to about 20% of the country’s total gross gaming revenues. Tengco has indicated that PAGCor is working towards launching its own remote gambling brand by the end of the year, contingent upon finding a suitable operating partner. This strategic move aims to leverage Singapore’s reluctance to embrace online gaming, positioning the Philippines as a more attractive destination for digital gamblers.
Revitalizing Tourism Through Gaming
The Philippines is not just focused on gaming revenues; it also sees the expansion of its casino resorts as a vital component of revitalizing its tourism sector. After experiencing a significant downturn due to the COVID-19 pandemic, the country is aiming to attract 7.7 million foreign visitors this year, a marked increase from the 5.4 million who visited in 2023. The allure of large-scale casino resorts, such as the 993-room Okada Manila and the 938-room City of Dreams Manila, is expected to draw tourists looking for entertainment and leisure.
Tengco has also hinted at the possibility of new gambling-friendly enterprises emerging in popular tourist destinations like Boracay and Cebu, which could further enhance the Philippines’ appeal as a gaming and tourism hub. “As you open new markets, new customers will come,” he stated, emphasizing the potential for growth in both sectors.
The Future of Gaming in the Philippines
As the Philippines continues to develop its gaming landscape, the focus remains on creating a diverse and attractive environment for both local and international players. With ambitious plans for new resorts and a commitment to expanding online gaming, the country is strategically positioning itself to become a major player in the Asian gambling market. Tengco’s vision for the future reflects a broader trend of growth and innovation within the industry, suggesting that the Philippines is not just a contender but a rising star in the world of casino gaming.
As the competition heats up, all eyes will be on the Philippines to see if it can indeed surpass Singapore and carve out its place as a leading gambling destination in Asia.