Philippines Gambling Sector - The new El Dorado?

The Philippines generated a record ₱285bn (£4bn/€4.7bn/$5.1bn) in 2023 gross gaming revenue (GGR), with the Philippine Amusement and Gaming Corporation (Pagcor) predicted to reach ₱336bn in 2024.

The Philippines is poised to potentially overtake Singapore as Asia's second-largest gambling hub, behind only Macau, according to Alejandro Tengco, Chairman and CEO of Pagcor.

Tengco cited upcoming developments and a projected record-high gross gaming revenue of 336 billion pesos for this year. The country aims to attract more foreign tourists, with new casino projects planned in various locations. Despite a drop in Chinese arrivals, Chinese high rollers continue to visit Philippine casinos.

The focus is also on bolstering the online casino sector, with Pagcor planning to launch its online gaming website and privatize its casino assets. In 2023, the Philippines experienced a strong post-Covid recovery in its gaming revenue, surpassing even Macau. Additionally, 188Bet has returned to the Philippines from the Isle of Man, indicating renewed confidence in the country's gaming sector.