Analysts at GCG Gaming Advisory Services believe that fueled by the opening of new casinos, the Philippines casino sector will generate GGR of US$10bn by 2027, doubling its revenues in just five years.
The firm is predicting that GGR will bounce back to 2019 levels of US$5bn next year, increasing from the predicted 2022 total of US$3.9bn and US$4bn in 2022.
The Philippines sector will see the full opening of NUSTAR, the unveiling of The Emerald Bay in Cebu, the opening of Solaire North in Quezon City, a Solaire casino in Cavite, and the debut of Westside City all by 2025.
There will also be expansion projects at Hann Casino and Royce casino in Clark.
“The Philippines enjoys a strong locals market, a strong expat community (Korean, Chinese, Taiwan, Japan) and fully open international borders,” GCG said.
“Strong regulations, introduction of PIGO and new airports in Cebu and Clark all indicate that the Philippines will be competing with Singapore for the top GGR position over the next few years. We expect the Philippines to increase to an annual GGR of US$10bn in full year 2027,” the analysts added.
Casino revenues for the third quarter hit US$1.04, marking the best quarterly results since the fourth quarter of 2019 which came in at US$1.31bn. Clark casinos contributed approximately US$110m, NUSTAR in Cebu US$20m and the two Fiesta casinos US$8m.
Source: G3 Newswire
