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Philippines GGR could reach US$5.2 billion this year on record Q4, says consultancy

Ben Blaschke by Ben Blaschke
Fri 1 Dec 2023 at 04:11
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The Philippines casino industry is expected to achieve all-time high gross gaming revenues of between US$5 billion and US$5.2 billion this year, boosted by a record December quarter, according to consultancy GCG Gaming Advisory Services.

In a lengthy updated posted on social media following the recent release by PAGCOR of industry data for 3Q23, GCG noted that industry-wide GGR of US$1.24 billion had shown minimal growth from the US$1.19 billion a year earlier. However, the record GGR of US$1.26 billion achieved in 4Q19 will “most likely to be exceeded in Q4 this year when we expect to see increased growth in the Korean’s visitation and the gradual return of the Chinese.”

This, it added, should see nationwide GGR reach an estimated range of US$5.0 billion to US$5.2 billion, exceeding 2019 by at least 5%.”

Much of this growth, the consultancy explained, can be attributed to the rise of Clark, where GGR has reached 19% of Manila’s Entertainment City versus 7% in 2019.

“Clark is really the growth story in the Philippines,” GCG wrote. “In 2019 Clark generated US$235.1 million in GGR. In 3Q23, Clark achieved US$160.4 million alone. The GGR this year is US$450.6 million, well on the way to approx US$640 million.

“Hann, D’Heights and Royce lead the pack whilst Midori, Casino Plus and Fontana continue to struggle against the influx of high-quality properties. Capital Casino, operated by PAGCOR brings up the rear. Other projects are in the early planning stages, whilst Royce continues to bring its new facilities online.”

In Manila, GCG noted that Q3 GGR was 5.7% lower than Q1, which it attributes to the market being predominately local and the lack of Chinese junket play. And in Cebu, 3Q23 GGR is estimated between US$20 million and US$30 million with 2023 full year GGR between US$40 million and US$50 million.

The consultancy has maintained its estimate the Philippines GGR will double to US$10 billion by 2027.

“The Philippines enjoys a strong locals market and a strong expat community (South Korea, China, Taiwan, Japan, USA),” GCG said. “Strong regulations, introduction of PIGO and new airports in Cebu and Clark, all indicate that the Philippines will be competing with Singapore for the regions second position behind Macau.”

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Ben Blaschke

Ben Blaschke

A former sports journalist in Sydney, Australia, Ben has been Managing Editor of Inside Asian Gaming since early 2016. He played a leading role in developing and launching IAG Breakfast Briefing in April 2017 and oversees as well as being a key contributor to all of IAG’s editorial pursuits.

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