Alejandro H. Tengco, Chairman and CEO of the Philippine Amusement and Gaming Corporation (PAGCOR), predicted that the Philippines will become Asia’s second-largest gambling center by 2025. He said the country will trail only Macau and overtake Singapore.
Tengco credited this projection to the expected surge in tourist arrivals. New integrated resorts will open and compensate for the decline in Chinese visitors.
In an interview with Bloomberg, Tengco said, “Should Singapore fail to expand, they will hit a ceiling. It wouldn’t be surprising if we surpass them next year.” He also confirmed that Bloomberry Resorts will launch a new integrated resort in Manila later this year.
Bloomberry will open Solaire North in Quezon City in late May. The company invested $1 billion in the project. The resort will feature a hotel tower with up to 550 rooms. It will also include a gaming floor with as many as 200 tables and potentially 3,000 slot machines.
PAGCOR projected gross gaming revenue (GGR) to reach PHP 336 billion ($6.1 billion) this year. That figure surpasses last year’s GGR of PHP 285 billion ($5.14 billion).
Tengco estimated Singapore’s GGR at $6 billion. He stated that the Philippines could match or exceed that level by the end of this year if PAGCOR hits its target.
The Gambling Regulatory Authority of Singapore declined to comment on the forecast.
Meanwhile, the Department of Tourism (DOT) set a goal of attracting 7.7 million foreign tourists in 2024. That number marks a rise from 5.45 million in 2023 but still falls short of the pre-pandemic level of 8.26 million in 2019.
Tengco outlined plans for more casinos in the Philippines. Developers may invest as much as $1.2 billion in each new site. PAGCOR expects these projects to rise in Manila, Clark, Cebu, and Boracay. Tengco expressed confidence that new markets would attract a fresh wave of players.
Although Chinese tourist arrivals have slowed, Tengco confirmed that the industry will continue to grow. Philippine casinos currently attract locals and visitors from South Korea, Japan, Malaysia, and Singapore.
DOT data showed a 24.4 percent increase in visitor arrivals during January and February of 2024 compared to the same period last year.
In the first two months of 2024, 1.16 million tourists arrived in the Philippines. Excluding overseas Filipinos, 1.1 million international visitors entered the country, reflecting a 27.6 percent increase.
Private developers continue to build more integrated resorts across the Philippines. These efforts reflect how quickly the local gaming industry continues to grow. As more flights arrive in Manila and new casinos launch, PAGCOR will likely reach its projected milestone soon.
