Maybank expects inflation and lack of VIPs to continue to pressure Philippine casino gaming

Maybank Investment Bank has warned that land-based casinos in the Philippines will face continued difficulties in the second half of 2026.

The Philippines.- Maybank Investment Bank has forecast that land-based casinos in the Philippines will continue to face headwinds in H2 due to the impact of inflation, particularly high utility costs, on disposable income, and a lack of VIP high-rollers tied amid slower-than-expected tourism growth.

First-quarter foreign visitor arrivals to the Philippines rose 2.6 per cent year-on-year to approximately 1.76 million, supported by growth in most key source markets except South Korea and China.

Alejandro Tengco, chairman and chief executive of the Philippine Amusement and Gaming Corp (Pagcor), had already said at the start of this month that the Philippine gambling sector could see annual gross gaming revenue decline by as much as 19 per cent to PHP320bn (US$5.20bn), compared with PHP396.14bn in 2025.