Maybank Securities Inc projected that the Philippine gaming industry will grow by at least 15 percent in GGR this 2024. In a market note released on Tuesday, the firm expressed optimism. It cited robust domestic demand, a thriving slots segment, and the gradual return of VIP play, especially from South Korean visitors.
The financial institution emphasized that the opening of Solaire Resort North and the surging popularity of e-gaming will further fuel momentum. This is especially true in areas outside Entertainment City Manila. According to analyst Raffy Mendoza, these factors, combined with rising private consumption, should keep the upward trend alive throughout the year.
Maybank reported that in 2023, the industry’s GGR grew by approximately 33 percent year-on-year, reaching PHP285.3 billion. Land-based venues contributed roughly 80 percent of that total. This marked a 23-percent jump from 2022. Meanwhile, the electronic-delivered games segment surged 3.2 times year-on-year, climbing to PHP33.2 billion. This boosted its market share from 5 percent to 12 percent.
Mass tables and slot machines comprised 64 percent of Entertainment City’s GGR in FY 2023. Mendoza noted that this dominance reflects growing domestic demand. “We believe this trend in mass and slots GGR will continue, driven by increasing private consumption,” he added. This benefits operators since mass and slots typically produce higher margins and more stable hold rates than the volatile VIP segment.
Although the VIP segment remains subdued—largely due to the decline in Chinese visitors—Maybank expects a modest recovery. Chinese arrivals in Q1 2024 reached only 24 percent of 2019 levels. However, South Korean tourists are filling the gap. Korean arrivals already hit 459,000 in Q1 2024, or 88 percent of pre-pandemic numbers.
Looking ahead, the Philippine Amusement and Gaming Corporation (PAGCOR) expects the nation’s gaming sector to generate PHP336.38 billion in GGR this year. That represents a 17.9 percent increase compared to 2023. This indicates another strong growth year for the Philippine gaming industry.
