Philippines on Track to Become Asia’s Second-largest Casino Hub
The Philippine gaming industry is set to overtake Singapore as Asia’s second-largest gambling destination, following Macau.
According to the head of Manila’s gaming agency, plans for new integrated resorts and additional casino projects could drive this surge in the country’s gambling sector. These developments come as the Philippines aims to recover from a decline in Chinese tourist arrivals due to the pandemic.
Boost in Gaming Revenue and Tourism
The country’s gaming revenue hit a record high last year at PHP 285 billion and is anticipated to reach PHP 336 billion (USD 8 billion) in the current year. This growth is supported by upcoming casino projects and integrated resorts, projected to cost up to USD 1.2 billion each. Manila, Clark, Cebu, and Boracay are key locations for these new ventures.
Diversifying Visitor Demographics
Primarily fueled by visitors from South Korea, Japan, Malaysia, and Singapore, the Philippine gaming industry is less dependent on Chinese tourists. Even with a slowdown in Chinese arrivals, the sector remains robust. Additionally, the online casino segment is expanding rapidly, with predictions of outpacing land-based casinos in growth.
Conclusion
The Philippines is on the brink of solidifying its position as a major player in the Asian gambling market. With strategic investments in new gaming establishments and online platforms, the country is poised to attract a diverse range of visitors and sustain its economic growth.
FAQ
1. How is the Philippines expected to rank in the Asian gambling market?
The Philippines is projected to become the second-largest gambling destination in Asia, surpassing Singapore.
2. What factors are contributing to the growth of the Philippine gaming industry?
New integrated resorts, additional casino projects, and the expansion of online gaming are driving the growth of the industry in the Philippines.
3. Which countries are the primary sources of visitors to the Philippine casinos?
South Korea, Japan, Malaysia, and Singapore are significant contributors to the patronage of Philippine casinos, reducing reliance on Chinese tourists.
