PHILIPPINES TOP 10 HOTEL & CASINOS
PHILIPPINES INSIGHTS
GCG Gaming Advisory Services
Philippines Gaming Industry - Insight # 4
Q3 2021 has seen Manila casinos mostly closed or with severe restrictions, whilst Clark continues on with limited capacity, and in Cebu construction continues on with aims of Q2 openings despite the huge challenges.
Manila remains problematic wth ongoing closures. Westside City recently announced some additional funding due to cost overruns
with issues such as raw materials, labour and logistics leading to the inevitable increases to the project time lines and budget.
Cebu is forging ahead with two US$500 million projects set to both be open within the first half of 2022 inline with some easing of
restrictions. With a very strong locals market, and with Manila
premium players in their sights, we expect Cebu to have a range of
US$75 to US$100 million GGR combined in H2 2022, given both are
open. Whilst NuStar has their capital in place and is not expected
to have further delays, we are doubtful that Emerald Casino can be
open in Q2 2022 given their on-going funding concerns.
In Clark, Widus Casino is firming as the leading resort with their HANN Casino and Swissotel Hotel almost ready. We estimate GGR in the US$50 to US$80 million range for H1 2022 with Clark getting back to 2019 GGR levels in 2022. (US$243 million)
CLARK:
Hann Casino - Dec. 2021
Royce Casino - Apr. 2022
CEBU:
NuStar Casino - Mar. 2022
Emerald Casino - Q2 2022
MANILA:
Westside City - 2024
Manila Pavilion - 2023
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PHILIPPINES GGR - 2019 to 2024
Gross Gaming Revenue (GGR):USD
2019
H1: $2,340,057,110
H2: $2,503,586,871
Total $4,843,643,981
2020
H1: $1,200,599,678
H2: $1,401,134,992
Total $2,601,734,670
2021
H1: $1,076,373,916
H2: $1,246,995,937
Total $2,323,369,853
2022
H1: $1,679,239,139
H2: $2,244,940,640
Total $3,924,179,779
2023
H1: $2,444,230,686
H2: $2,676,423,318
Total $5,120,654,004
2023 SUMMARY
Total GGR exceeded 2019 by 5.71%. Entertainment City however remained slightly down on 2019 but 16.08% higher than 2022. The main growth came from Other Licensed (Bingo, EGM;s), the Clark market led by HANN Casino and Cebu's NuStar which added almost US$100 million. Online and Proxy continue to grow to detriment to casino floor head counts.
2024
H1: $1,415,742,228 (Q1)
H2:
2024 PROJECTIONS
We see slowing down of the Entertainment City market as Clark, Cebu and Solaire North (Quezon City) take away some of their gaming revenues. 2024 GGR should be between $6 billion and $6.5 billion with Clark making up $600 million, Cebu $200 million, and Entertainment City $3 billion. The low number of Chinese visitors and junket players will impact Entertainment City, whilst Clark becomes the more desirable gaming destination. A continual push of PIGO and PAGCOR Online will take away from the players visiting land based casinos.
GGR PROJECTIONS
Our projection for a US$10 billion Philippines market remains at full year 2027 exceeding all SE Asian markets other than Singapore and Macau.