Philippine gaming revenues could double by 2028 due to influx of tourists

Alejandro Tengco, chairman of PAGCOR, expects the Philippine gaming industry to double its gross revenue by 2028. This is possible as more tourists such as wealthy Chinese players visit the country.

The Philippine gaming industry is likely to show at least 10% annual growth in gross gaming revenue (GGR). It could already be a record this year, and over the next five years it could reach the 450-500 billion pesos (P753.6-837.3 billion) mark.

Total GGR is a key industry metric that represents the sum of players’ bets minus their winnings. In 2019, a then-record high of 256 billion pesos (428.7 billion rubles at current exchange rates) was reached. The growth could have continued further, but this was prevented by the COVID-19 pandemic. Nevertheless, in 2021 the industry began to recover, and in 2022 GGR amounted to 214 billion pesos (358.4 billion rubles).

At present, the good performance is supported by consistent local players, Tengco said. The overseas market still has room for further growth due to improved regulations on overseas travel.

The Philippine gaming industry attracts visitors from nations such as China, South Korea and Japan. Major foreign and domestic casino resorts are already operating in the country. However, future competition is expected from Thailand, which plans to legalize gambling, and Japan, where the first casino has already been approved.

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