Analysts at GCG Gaming Advisory Services previously predicted that GGR could reach up to US$5.9bn in 2023.
The Philippines.- Industry consultancy GCG Gaming Advisory Services now says that Philippine gross gaming revenue (GGR) for full-year 2023 could be between US$5bn and US$5.2bn.
If revenue falls at the higher end of the range, it would be at least 5 per cent better than pre-pandemic levels (US$4.84bn). However, GCG Gaming Advisory Services’ latest forecast is down from its previous prediction of US$5.2bn to US$5.9bn.
GGR in the third quarter of the year was US$1.24bn. Snalysts said the figure represented “very little growth,” from the US$1.19bn in the third quarter of 2022 and that Manila’s GGR has been “well below 2023 expectations.”
However, Analysts remarked that “the record GGR of US$1.26bn in the fourth quarter of 2019 is likely to be exceeded in the fourth quarter this year due to increased growth in the Korean visitation and the gradual return of Chinese visitors. The figure includes entire industry GGR, including non-casino bingo and electronic games parlours, state-run casinos and commercial-casino properties in Entertainment City Manila, Clark, Cebu and other places.
The consultancy anticipates growth in the Manila commercial casino market with the proposed opening of Westside City, strategically positioned near existing properties like City of Dreams Manila, Solaire Resort and Casino, and Okada Manila.
In Clark, GGR for the first three quarters of 2023 was US$450.64m, representing 19 per cent of Entertainment City’s total. In the same period in 2019, GGR from Clark’s casinos represented only 7 per cent of Entertainment City’s tally.
GCG Gaming Advisory Services expects Clark’s casinos to generate around US$640m in GGR for 2023, with specific properties like Hann Casino Resort, D’Heights Resort & Casino, and Royce Hotel & Casino leading the market.
For the Cebu commercial casino market, it projects GGR of US$40m to US$50m for 2023. It maintains a long-term view that the Philippine gaming industry could achieve US$10bn in annual GGR by 2027.