GCG Gaming Advisory Services Pty Ltd projects that the Philippines’ gross gaming revenue (GGR) for 2023 will range between US$5.0 billion and US$5.2 billion. Hitting the upper end of that estimate would mark a performance at least 5 percent stronger than the pre-pandemic 2019 figure of US$4.84 billion, according to the consultancy.
This projection covers the entire industry GGR, including non-casino operations like bingo halls and electronic games parlors, state-run casinos, and commercial casino properties located in Entertainment City Manila, Clark, and Cebu.
GCG revised its earlier 2023 forecast downward from US$5.2 billion to US$5.9 billion, yet it still expects the industry to outperform the record US$1.26 billion GGR logged in the fourth quarter of 2019. The firm attributes this optimism to rising Korean tourist visits and a gradual return of Chinese players later this year.
In the third quarter of 2023, the national GGR reached US$1.24 billion, showing only a slight increase from US$1.19 billion during the same period in 2022, according to GCG.
However, GGR in the Manila market, particularly in Entertainment City, fell short of expectations. The area posted a 5.7 percent decline in third-quarter GGR compared to the first quarter of 2023. GCG attributes this drop to the market’s reliance on local players and the continued absence of Chinese junket activity.
The firm now predicts Entertainment City’s combined GGR for 2023 will land between US$3.2 billion and US$3.4 billion, aligning with or slightly surpassing the 2019 total of US$3.23 billion.
Looking ahead, GCG expects Manila’s commercial casino market to welcome more players over the next 12 months, driven by the proposed opening of Westside City, located near City of Dreams Manila, Solaire, and Okada Manila.
Meanwhile, Clark continues to show strong growth. Casinos in the area posted a US$450.64 million GGR for the first three quarters of 2023, representing 19 percent of Entertainment City’s total—up significantly from 7 percent during the same period in 2019. GCG forecasts Clark to hit US$640 million in GGR by year-end.
In Cebu, the commercial casino market—led by NUSTAR Resort and Casino—is on track to generate between US$40 million and US$50 million in GGR for 2023.
GCG maintains its long-term projection: the Philippine gaming industry could reach US$10 billion in annual GGR by the end of 2027.
