Six new casino facilities worth about $3 billion are under construction to boost Southeast Asia’s free-spirited gaming industry ahead of a competition between Japan, which has casinos to build, and Thailand, which wants to legalize gambling.
“The annual growth rate in the gaming sector will reach at least 10% this year,” Alejandro Tenco, president of Philippine Amuse and Gaming Corporation (PAGCOR), told Reuters. “It is expected to hit a new high this year and 450 billion to 500 billion pesos ($7.9 billion to $8.8 billion) in five years.”
PAGCOR also recently announced that it will start privatizing by 2025, with revenue of about 50B to 60B pesos expected.
The total GGR, a key indicator of the industry’s bet minus the win, hit a record 256 billion in 2019 and prepared for further growth until the coronavirus pandemic toppled the industry. The GGR began to recover in 2021 and reached 214 billion in 2022.
“Right now, the strength is supported by local players and there is still an opportunity for the overseas market to increase further due to improved foreign travel guidelines,” Tengko said
But the long-term outlook could be dampened by headwinds such as more armed clashes between countries, the spread of illegal gambling and an economic slowdown, Tengco said.
In his recent State of the Union address, PH President Marcos praised PAGCOR’s performance and mentioned its contribution to state revenue.카지노사이트
PAGCOR also noted that revenue growth has risen to 35.6%, with the government agency, which recently celebrated its 40th anniversary, saying it could reach PHP 70B by the end of the year.