Alejandro Tengco, the head of the Philippine Amusement and Gaming Corporation (PAGCOR), has expressed confidence that the Philippines is on track to surpass Singapore and become Asia's second-largest gambling hub, trailing only behind Macau. Tengco attributes this projected growth to the anticipated opening of new integrated resorts, which are expected to drive increased visitor traffic and mitigate the decline in Chinese tourists.
Philippine authorities are optimistic about the gaming industry's prospects, forecasting a record net gaming revenue of $6.1 billion for 2024, surpassing the previous year's peak.
Among the upcoming developments is the launch of Bloomery Resorts Corp., an all-inclusive venture spearheaded by billionaire Enrique Razon, scheduled to debut in Manila later this year. Additionally, plans are underway for the construction of up to eight more casino projects in the region.
Tengco emphasized that the Philippines could potentially overtake Singapore in the realm of gambling revenue if the latter does not pursue expansion in its gaming sector. However, the Singapore Gaming Regulatory Authority has yet to comment on Tengco's assertions, leaving the door open for further developments in the region's competitive gambling landscape.
