GCG Gaming Advisory Services is predicting that the Philippines gaming sector will set an all time revenue record of between US$5bn and US$5.2bn in 2023, boosted by a record fourth quarter as Korean and Chinese players return. It sees the Philippine gaming market as being able to challenge Singapore as Asia’s second best earning market.
Whilst third quarter revenues of US$1.24bn were only slightly up from last year, GCG is predicting that the best ever quarter set in the fourth quarter of 2019 is ‘most likely to be exceeded in Q4 this year.’
“We expect to see increased growth in the Korean’s visitation and the gradual return of the Chinese,’ it said.
The advistory service is predicting revenue of up to US$5.2bn, surpassing 2019 levels by five per cent.
“Clark is really the growth story in the Philippines,” GCG wrote. “In 2019 Clark generated US$235.1m in GGR. In 3Q23, Clark achieved US$160.4m alone. The GGR this year is US$450.6m, well on the way to approx US$640m. Hann, D’Heights and Royce lead the pack whilst Midori, Casino Plus and Fontana continue to struggle against the influx of high-quality properties. Capital Casino, operated by PAGCOR brings up the rear. Other projects are in the early planning stages, whilst Royce continues to bring its new facilities online.”
GCG is predicting gaming revenues will double to US$10bn by 2027.
“The Philippines enjoys a strong locals market and a strong expat community (South Korea, China, Taiwan, Japan, USA),” GCG explained. “Strong regulations, introduction of PIGO and new airports in Cebu and Clark, all indicate that the Philippines will be competing with Singapore for the regions second position behind Macau.”