MANILA – The head of Manila’s gaming agency believes that the Philippines has the potential to surpass Singapore as Asia’s second-largest gambling destination by 2025, following Macau. Mr. Alejandro Tengco, chairman and chief executive of the Philippine Amusement and Gaming Corporation (Pagcor), shared in an interview that the opening of new integrated resorts, including one by billionaire Enrique Razon’s Bloombery Resorts Corp in 2024, could attract more visitors and help offset the decline in Chinese tourist arrivals.
Mr. Tengco also mentioned plans for up to eight more casino projects and the intention to sell state-run casinos by early 2026. He expressed confidence in the Philippines’ ability to overtake Singapore in terms of gross gaming revenue, with estimates projecting a record high of 336 billion pesos in 2024, compared to Singapore’s annual gross gaming revenue of around US$6 billion.
While Singapore’s Gambling Regulatory Authority declined to comment on Mr. Tengco’s remarks, Manila is focusing on leveraging its integrated resorts and casinos to boost tourist arrivals, especially after the impact of the Covid-19 pandemic. The country aims to attract 7.7 million foreign tourists in 2024, up from 5.45 million in 2023 but still below pre-pandemic levels.
The future of the Philippines’ gaming industry looks promising, with new casinos planned for Manila, Clark, Cebu, and Boracay. Despite a decrease in Chinese tourist arrivals, the industry remains resilient, drawing in visitors from other countries like South Korea, Japan, Malaysia, and Singapore.
To further enhance revenue streams, the Philippines is expanding its online casino industry, which contributed significantly to gross gaming revenue in 2023. Pagcor is set to launch its own online gaming website in 2024 and is seeking a joint venture partner to operate it. This move aligns with Pagcor’s goal to focus solely on regulation, separate from its role as a casino operator.
Pagcor’s plans for privatising its casino assets by late 2025 or early 2026 aim to raise substantial funds through the sale of bundled casino locations and the gaming website. The agency’s efforts to privatise its assets and extend its corporate life reflect a strategic approach to attract investors and drive growth in the gaming sector.
Overall, the Philippines’ gaming industry is poised for growth and transformation, with a focus on expanding its market reach, enhancing revenue streams, and solidifying its position as a key player in the Asian gambling landscape.
