Philippines – Philippines set for another year of double digit growthBy Phil - 16 February 2015
The Philippine casino industry will report significant growth this year in terms of revenues with PAGCOR stating that another year of double-digit growth is on the cards.
Benefitting from the opening of City of Dreams Manila, the growth comes despite China’s crackdown on anticorruption and austerity that has affected gaming growth in other nearby regions. Both Macau and Singapore have declined in 2014 by double-digit rates.
Pagcor Chairman Cristino Naguiat said: “At US$2.5bn for 2014, we’re still lower than Singapore’s. But ours is increasing while the rest are declining China is not our number one market. More Chinese coming here would be better for us, but of 100m outbound Chinese tourists, we get less than one per cent of that. It’s relatively small. There’s a wider mix of nationalities coming here to play in our casinos. It’s not just the Chinese. Our VIP and junket players have increased by almost 50 per cent.”
He believes that ‘double-digit growth is very possible’ for the Philippine casino market following 16 per cent growth in 2014.