Image: Reuters Berita 24 English - As player trust gradually returns to the sector, the Philippine gaming industry's income is anticipat...
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| Image: Reuters |
Berita 24 English - As player trust gradually returns to the sector, the Philippine gaming industry's income is anticipated to reach or perhaps surpass its pre-pandemic position by 2026, according to a top regulatory official.
Bringing back players' faith is difficult, according to Daniel Cecilio, group chief of licencing and regulation at state-run regulator Philippine Amusement and Gaming Corp, who told Reuters that there won't be any further lockdowns.
Gross gaming revenues (GGR), or the sum of players' bets minus winnings, reached a record high of 256 billion pesos ($4.60 billion) in the Southeast Asian nation in 2019, however COVID-19 lockdowns later forced the closure of all casinos, reducing GGR to just 100 billion in 2020.
Data from the gaming regulation showed that revenue increased to 113 billion pesos in 2021 and 39 billion pesos in the first quarter of 2022.
According to Cecilio, GGR may reach 256 billion pesos or more by 2026, with land-based casinos expected to contribute 146 billion pesos.
The regulator's forecast reflects the course of recovery of nearby gambling hotspots like Singapore and Macau, which are suffering as a result of Beijing's rigorous zero-COVID policy.
Tens of thousands of employment have been created in the past 10 years thanks to the burgeoning integrated casino-resort business in the Philippines, which has drawn both domestic and international investors.
Pent-up demand and a resurgence of confidence among local and international gamblers will be the main drivers of the industry's recovery in the upcoming years, according to Cecilio.
In the Philippines, there are 51 land-based casinos, 38 of which are run by the gaming authority and the rest are privately owned. These establishments draw high rollers from nations like China, Japan, and South Korea.
The nation's first integrated casino-resort owner, Newport World Resorts, anticipates a quicker than average return to pre-pandemic operations by 2023.
Sandy Amida, senior director for gaming operations at Newport World Resorts in Manila, told Reuters that the company was extending its gaming spaces to accommodate incoming junket groups.
(1 dollar = 55.67 pesos philippinos)
