Philippine Gaming Industry Set for a High Stakes Future
The Philippine Amusement and Gaming Corporation (PAGCOR) is optimistic about the Philippine gaming industry’s future, thanks to a resurgence in leisure, travel, and entertainment.
PAGCOR’s Chairman and CEO, Ajejandro H. Tengco, credits the lifting of travel and movement restrictions for sparking increased demand in various sectors, including dining and shopping, along with gaming activities that have bounced back after the pandemic lull.
Record-Breaking Revenue Projections
At the recent RGB Connect Gala Night, Tengco shared that the gross gaming revenues (GGR) have nearly reached the peak levels of 2019, which was a record year for the industry.
Despite the slow return of traditional high rollers, the gap has been filled by domestic players and an influx of new tourists, with 2023’s GGR expected to meet or even exceed the 2019 figures.
The Rise of Clark as a Gaming Hub
The growth trajectory is further bolstered by the development of integrated resorts, particularly in Clark, which is slated to become a premier gaming and tourism destination.
The rapid development of infrastructure and commercial districts in the area underscores Clark’s immense potential as a future gaming hub.
PAGCOR’s Modernization Drive
To capitalize on this growth, PAGCOR is not resting on its laurels. Tengco announced an ambitious modernization program that includes the acquisition of 3,000 new slot machines and sophisticated gaming tables to elevate the gaming experience and boost revenues.
Additionally, there’s an exciting venture into the online space with the upcoming launch of casinofilipino.com, aimed at capturing a significant market share in the profitable online gaming sector.
Our Comment on the Article
The positive forecast for the Philippine gaming industry by PAGCOR’s Chairman, Ajejandro H. Tengco, paints a picture of a sector on the brink of a renaissance.
The strategic initiatives, from modernizing physical casinos to embracing the digital revolution, indicate a forward-thinking approach. This is especially pertinent in a world where digital engagement is becoming increasingly important.
The focus on both the domestic market and the global tourist influx demonstrates a comprehensive strategy to maintain momentum.
The planned development of Clark into a gaming powerhouse could significantly alter the landscape of Southeast Asian gaming. With these developments, the Philippine gaming industry could well be on its way to becoming a major player in the global gaming arena, provided these ambitious plans are executed with the same vigor with which they are envisioned.