Philippines Casino Industry Projected to Reach Record-Breaking $5.2B GGR in 2023

The Philippines casino industry is set to reach record-breaking gross gaming revenues (GGR) of up to US$5.2 billion this year, driven by a strong fourth quarter, according to GCG Gaming Advisory Services. With a projected growth in Korean and Chinese visitors, GCG predicts that the December quarter will surpass last year’s record GGR of US$1.26 billion. This surge is expected to push nationwide GGR to an estimated range of US$5.0 billion to US$5.2 billion, marking a 5% increase from 2019. GCG attributes much of this growth to Clark, where GGR has reached 19% of Manila’s Entertainment City, up from 7% in 2019. GCG also highlights that Clark’s GGR this year has already reached US$450.6 million, well on its way to an estimated US$640 million. In Manila, the market is primarily local, resulting in a 5.7% decline in Q3 GGR compared to Q1. Looking ahead, GCG maintains its estimate that the Philippines’ GGR will double to US$10 billion by 2027. With a robust locals market and a strong expat community, GCG believes that the Philippines, with its strong regulations and the introduction of PIGO (Philippines Infrastructure Gaming Operator), will position itself as a competitor to Singapore for the region’s second place, following Macau.