Philippine GGR to surpass 2019 levels by 10%, analysts say
GCG Gaming Advisory Services Pty has forecasted that the Philippine casino sector will generate US$5.2-5.9bn in GGR in 2023.
The Philippines.- Gross gaming revenue (GGR) in The Philippines could reach between US$5.2bn and US$5.9bn in 2023, according to a report from the industry consultancy GCG Gaming Advisory Services Pty. The analysts suggested the country could surpass pre-pandemic benchmarks set in 2019.
In 2019, GGR was US$4.84bn in GGR. The forecast for 2023 is at least 10 per cent above that. This is for non-casino bingo parlours, electronic games parlours, state-run casinos and commercial properties such as those located at Entertainment City Manila.
Analysts said venues at Entertainment City remain major contributors, estimated to generate GGR ranging from US$3.6bn to US$4.0bn for the year. These venues were responsible for around 76.8 per cent of all GGR in the second quarter of the year.
According to the consultancy, the proposed opening of a casino hotel in Entertainment City’s Westside City project in the fourth quarter of 2024 “should see more players in the market overall.” Meanwhile, commercial casinos in the Clark Freeport Zone on Luzon Island are predicted to generate GGR of US$600m to US$700m for 2023.
The forecast aligns with recent remarks from Alejandro Tengco, chairman and chief executive of the Philippine Amusement and Gaming Corp (PAGCOR). He projected that GGR could rise from its 2022 baseline of approximately PHP214bn (US$3.77bn) to PHP450bn (US$8.31m) by 2028. Tengco said he expected the country’s gaming sector to grow by at least 10 per cent every year.
