5-7-2024 (MANILA) In a bold proclamation that has set the gaming world abuzz, Alejandro Tengco, the Chairman and Chief Executive Officer of the Philippine Amusement and Gaming Corp. (Pagcor), has declared that the Philippines is poised to leapfrog Singapore and emerge as Asia’s second-largest gambling destination, trailing only the formidable Macau. This audacious prediction, slated to materialise as early as 2025, is fuelled by an ambitious pipeline of eight upcoming casino projects and a newly unveiled integrated resort in the heart of Manila.
“If Singapore doesn’t expand, they will plateau. Don’t be surprised if next year we will surpass them,” Tengco asserted in a candid interview with Bloomberg on March 12th, exuding confidence in the Philippines’ burgeoning gaming prowess.
The figures paint a compelling picture of the country’s ascendancy in the realm of gambling revenue. According to Tengco’s projections, the Philippines is expected to hit a staggering 336 billion pesos (S$7.75 billion) in gross gaming revenue by 2024, a remarkable surge from the record-breaking 285 billion pesos (S$6.57 billion) achieved in 2023. In contrast, he estimated Singapore’s annual gross gaming revenue to hover around US$6 billion (S$8.11 billion).
When queried about Tengco’s remarks, the Gambling Regulatory Authority of Singapore declined to comment directly. Instead, they deferred to the financial statements of Genting Singapore Ltd and Las Vegas Sands Corp, the operators of the city-state’s two integrated resorts, as a reference for their gaming revenues.
Tengco’s bold predictions are underpinned by a slew of ambitious plans that promise to redefine the Philippines’ gaming landscape. Elaborating on the future casinos slated for development, he revealed that these projects are envisioned for Manila, the former U.S. military Clark Air Base, and renowned tourist destinations such as Cebu and Boracay.
In a separate interview with Reuters, published on March 19th, Tengco disclosed that over the next five years, foreign and domestic firms are expected to invest a staggering US$6 billion (S$8.11 billion) in the Philippines’ casino sector, further fuelling the nation’s gaming aspirations.
Not content with merely bolstering the traditional casino market, Pagcor is also poised to venture into the digital realm, with plans to launch its own online gaming website later this year. “We will have continued growth because of the opening of new casinos and the expansion in the electronic gaming segment,” Tengco assured Reuters, underscoring the regulator’s multifaceted approach to revenue generation.
The unveiling of Bloomberry Resorts Corp.’s new integrated resort, Solaire Resort North, in late May marked a significant milestone in Manila’s gaming evolution. Tengco hailed the launch as “a new era not only for the Philippine gaming industry but also for the tourism industry,” according to Inside Asian Gaming, underscoring the project’s potential to catalyse broader economic growth.
However, the road to gaming supremacy has not been entirely smooth, as evidenced by the recent withdrawal of a gaming operator from acquisition talks involving the stalled Emerald City integrated resort project in Cebu. This development, as reported by The Japan Times, marks the third cancelled deal associated with the troubled venture, highlighting the inherent challenges and volatility inherent in the industry.
Across the causeway, Singapore’s casino operators, Genting Singapore and Las Vegas Sands, are not resting on their laurels. Both entities have ambitious expansion plans in the pipeline, aimed at solidifying their respective footholds in the lucrative gaming market.
Resorts World Sentosa (RWS) is gearing up for the construction of a S$6.8 billion development, aptly titled “RWS 2.0,” slated to commence in 2024. The centerpiece of this ambitious undertaking is a new waterfront structure that will house approximately 700 hotel keys.
Not to be outdone, Marina Bay Sands (MBS) has unveiled plans for a S$4.5 billion expansion, featuring a new fourth tower and an extension of the current casino space. Construction is expected to commence by July 2025, with completion targeted for July 2029.
