Philippines regulator expects record revenue despite increased competition
Gross gaming revenue (GGR) in Philippine casinos is expected to grow 9% year-on-year to 217bn pesos ($4.1bn) in 2019.
Andrea Domingo, Philippine Amusement and Gaming Corporation (PAGCOR) Chairperson, has informed Reuters of the projections and says "all integrated casino resorts are doing very well."
In 2018, GGR grew 13% to reach approximately 200bnn pesos, marking the Philippines out as one of Asia's fastest-growing gaming countries.
However, Domingo has warned of increased competition from within the continent; Japan approved new laws on Integrated Resorts last year, while Cambodia and Vietnam have also invested in gaming.
In Macau meanwhile, casinos generated GGR of MOP302.85bn ($37.85bn) in 2018; a 14% increase.
A further obstacle facing the Philippine gaming industry is President Rodrigo Duterte’s opposition to gambling.
But Domingo plans to meet with the President, discussing the benefits of a successful gambling sector and the risk of losing revenue to neighbouring nations.