PH sees up to US$6 billion in casino investment over the next 5 years

Foreign and domestic firms are reportedly expected to invest US$6 billion in the Philippines' casino sector in the next five years, said Philippine Amusement and Gaming Corp Chairman Alejandro Tengco. 

This will allow the Philippines to bolster its status among Asia's top gambling destinations as competition increases. 

According to Reuters, at least one new casino-resort will open every other year including in areas outside of Manila. Some areas include Clark, a former U.S. military base north of the capital, and Cebu, in the country's central region. 

Speaking at the sidelines of the ASEAN Gaming Summit, Tengco reportedly said that the country will have continued growth because of the opening of new casinos and the expansion in the electronic gaming segment. 

He also reportedly said that the Philippines would likely hit its target of 450 billion to 500 billion pesos in total gaming revenue by 2027. 

In 2023, the Philippines reportedly posted a record 285 billion pesos in total gross gaming revenue. The gross gaming revenue is a key industry metric that represents the amount players wagers minus their winnings. 

Gamblers from Japan, South Korea and Singapore, as well as domestic mass market players, reportedly made up a population of players. This is to make up for the absence of mainland Chinese high-rollers after the pandemic and the tightening of rules on junkets. 

Additionally, the Philippines' freewheeling gaming industry is reportedly bracing for regional competition from Japan. Recently, Japan reportedly approved its first casino while Thailand is considering legalising casinos once again. 

The country has about five to six years to fortify and solidify, Tengco reportedly added. This is so when competitors open, the Philippines will be mature. 

Separately, tech company Google Philippines has applauded the robust growth of the Philippine economy. 

“Our reports reflect a lot of what you mentioned about the growth potential and the amazing growth that we’ve seen in the Philippines,” Google Philippines country manager Jackie Wang said.

She was speaking at the World Economic Forum this week where she asked President Ferdinand how he could help in the digitisation journey and make a "digital Philippines".

She said that Google’s own digital economy report reflects a lot of what the President mentioned about the growth potential in the Philippines. 

In fact, since 2023, the Philippines’ digital economy was at US$23 billion in growth in merchandising value and had a compound “giga growth” of 16 per cent, as described by Google.

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