written and last updated by
Sam Smith at
14 Mar 2024
Journalist, Editorial Department
Alejandro Tengco, the chairman and CEO of the Philippine gaming regulator PAGCOR, shared insights in a recent interview about the future of the gaming industry in the country. He believes that the Philippines could surpass Singapore as the second-largest gaming hub in Asia, following Macau, as early as next year.
Tengco attributes this potential growth to the emergence of new integrated resorts, which he says will boost visitor numbers and offset the decline in Chinese tourists. For instance, Bloombery Resorts Corp. is set to open its establishment later this year, and there are plans to launch up to eight casinos in total. PAGCOR also intends to privatize state-owned gaming facilities by early 2026.
"If Singapore doesn't expand, it will remain stagnant. I wouldn't be surprised if we surpass them next year," Tengco stated. The Philippines is anticipating a record gross gaming revenue of 336 billion pesos (approximately $6 billion) this year, up from a previous high of 285 billion pesos (around $5.1 billion) in 2023.
According to Tengco, the future casinos will be located in Manila and at the former U.S. military base in Clark, as well as in popular tourist destinations like Cebu and Boracay. "As markets open up, new clients will come in," he noted.
Government data reveals that the influx of Chinese tourists to the Philippines fell to just 15% of pre-pandemic levels in 2022. However, Tengco believes this will not hinder industry growth, as local casinos primarily attract visitors from South Korea, Japan, Malaysia, and Singapore.
This year, the Philippines aims to welcome 7.7 million foreign tourists, compared to 5.45 million in 2023 and 8.26 million in 2019, before the COVID-19 pandemic.
The Philippines is also developing its iGaming sector, which accounted for one-fifth of the total entertainment revenue last year and is expected to grow faster than the land-based sector. "Our advantage over Macau is that they don't have online gaming," Tengco remarked.
In a related note, a pizza delivery driver from England has decided to keep his job despite winning £500,000 in the lottery.
