$6B casino investments seen in next 5 years

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Foreign and domestic firms are expected to invest much as $6 billion in the casino sector in the next five years,  bolstering its status among Asia’s top gambling destinations as competition increases.

Alejandro Tengco, chairman of the Philippine Amusement and Gaming Corp. said at least one new casino-resort will open every other year including in areas outside Manila like Clark and Cebu.

“We will have continued growth because of the opening of new casinos and the expansion in the electronic gaming segment,” Tengco told Reuters at the sidelines of the Asean Gaming Summit.

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Tengco said the Philippines would likely hit its target of P450 billion to P500 billion  in total gross gaming revenue (GGR) by 2027, a year earlier than expected.

In 2023, the Philippines posted a record P285 billion pesos in total GGR.

Gamblers from Japan, South Korea and Singapore, and domestic mass market players took up the slack from the absence of mainland Chinese high-rollers after the pandemic and tightening of rules on junkets.

The Philippines’ freewheeling gaming industry is bracing for regional competition from Japan, which has approved its first casino, and Thailand, which is again considering legalizing casinos.

“We have about five to six years to fortify and solidify so when they open, we are mature already,” Tengco said.

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