The Philippines is on track to see another record year in terms of gross gaming revenue, according to a Reuters interview with the chairman of the Philippine Amusement and Gaming Corp (Pagcor), Andrea Domingo.
Last year gross gaming revenue in the Philippines jumped 13 percent to a record of approximately 200 billion Philippine pesos (MOP30.54 billion). That trend is set to continue in 2019 with approximately 8.5 percent forecast growth, leading to a year-end take of 217 billion pesos (MOP33.14 billion).
The Macau SAR recorded gross gaming revenue of MOP302 billion across 2018, up 14 percent year-on- year. However, most analysts expect market consolidation to prevail in 2019, predicting little or even negative year-on-year growth.
A steady stream of foreign high rollers has made the Philippines one of Asia’s fastest growing gambling markets in recent years.
Being the recipient of large investments from multinational gaming companies, such as Macau’s Melco Resorts and Entertainment Ltd. and Japan’s Universal Entertainment Corporation, the casino infrastructure around the archipelago-nation’s capital is well developed.
Moreover, the Philippines has benefited from a strict regulatory gambling environment in its Southeast Asia neighbors, some of whom ban gambling outright.
That is now beginning to change. Casino projects cropping up from Cambodia to Japan – and almost everywhere in between – may dampen growth prospects in the Philippines, even if the rival integrated resorts are years away from opening their doors.
In the meantime, the Philippines is on track to generate a record amount of gross gaming revenue, and Pagcor chairman Andrea Domingo says that there is enough gambler volume to weather the emerging competition.
“The operators are threatened [by the growing competition],” Domingo told Reuters. “However, if you have critical mass and a safe environment, gamblers will still be there.”
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