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Written by Neil Jerome Morales
MANILA (Reuters) – Local and international companies are expected to invest up to $6 billion in the Philippines’ casino sector over the next five years, strengthening the country’s position as Asia’s leading gambling destination amid increasing competition. said the head of the gambling regulator.
Philippine Entertainment and Gaming Corporation Chairman Alejandro Tengco said Tuesday that at least one new casino resort will open every two years, including in areas outside Manila such as Clark, a former US military base north of the capital, and Cebu in the center of the country.
“With the opening of new casinos and the expansion of our electronic gaming sector, we will continue to grow,” Tenko told Reuters on the sidelines of the ASEAN Gaming Summit.
Tenko said the Philippines is likely to achieve its gross gaming revenue (GGR) target of 450 billion to 500 billion pesos ($8 billion to $9 billion) by 2027, a year earlier than expected.
The Philippines posted a record total GGR of P285 billion in 2023, according to government data. GGR is an important industry metric that measures the amount a player bets minus their winnings.
Gamblers and domestic mass market participants from Japan, South Korea and Singapore have made up for the slack left by the absence of mainland China’s high rollers and tightened junket regulations after the pandemic.
That helped casino resort operators such as Bloomberry Resorts and Japan’s Universal Entertainment, as well as units of Philippine conglomerate SM Investments and Alliance Global Group, achieve strong results last year, Tenco said. he said.
The Philippines’ free-wheeling gaming industry is bracing for regional competition from Japan, which has approved its first casino, and Thailand, which is considering legalizing casinos again.
“We will take about five to six years to strengthen and solidify, so we are already mature when we open,” Tenko said.
(1 dollar = 55.70 Philippine pesos)
(Reporting by Neil Jerome Morales; Editing by Jamie Freed)
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