RESEARCH and Markets, one of the world’s largest market research stores, reported on July 6, 2016, that the casino gaming market in the Philippines is expected to grow at a compound annual growth rate (CAGR) of 9.93 percent from 2016 to 2020.
Casino Gaming Market in the Philippines 2016 to 2020 has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. It also includes a discussion of the key vendors operating in this market.
According to the report, a key trend, which is expected to boost the market growth, is the integration with the tourism and hospitality sector. With the onset of casinos, especially in Metro Manila, gaming has become a tourism attraction for Filipinos and foreigners alike.
In the last few years, more hotels were added in Metro Manila starting with the Entertainment City area in Pasay City. There are also new high-end hotels that were launched in Bonifacio Global City like Ascott-BGC, Shangri-La The Fort and Grand Hyatt. Meanwhile, Seda Hotel was introduced by the Ayala Land Inc. for traveling businessmen.
Colliers, in its 2015 Philippine Research and Forecast Report, said more hotel rooms were added by Novotel Manila in Quezon City and Jin Jiang Hotel in Ortigas.
Filinvest, on the other hand, is expected to add 5,000 rooms by 2020 while Alliance Global and Resorts World Manila is targeting 1,500 rooms, plus another 3,200 rooms in Resorts World Bayshore and Megaworld’s Richmond Brand to be spread across the country.
Newest game player
Japan’s Universal Entertainment Corporation (UEC) Chairman Kazuo Okada said the Philippine gaming market could ultimately surpass Singapore as the Japanese tycoon launched his $2.4 billion casino Okada Manila on December 30, 2016.
Tiger Resort, Leisure and Entertainment Inc., a subsidiary of UEC, developed Okada Manila that is expected to be the largest casino resort with over 26,000 square meters of gaming space.
Okada expects the casino to become profitable in its first year of operations and to give a return on investment in three to five years.
Okada Manila is the third of four integrated resorts and casino hubs rising at the Philippine Gaming and Amusement Corporation’s (Pagcor) Entertainment City. The other two complexes already operating there are Enrique Razon’s Solaire & Resort Casino and SM Group’s City of Dreams Manila, while the Andrew Tan group is also building the fourth integrated hub, Westside City.
Vision to materialize
With all these positive developments in the gaming and casino industry, Pagcor is positive that its 2020 vision will be realized.
By 2020, Pagcor as the prime mover of the country’s amusement and gaming industry, envisions the Philippines to be the top gaming and entertainment destination in the Asean region, generating revenues that fund nation-building programs.
Under the leadership of Chairman and CEO Andrea Domingo, Pagcor is committed to create an environment that propels the development of the Philippine gaming and entertainment industry; to be responsible and responsive partner of the Philippine government in its nation-building programs and to establish and enforce a regulatory framework that preserves the integrity of the Philippine gaming industry.