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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)

Hann Casino - Dec. 2021
Royce Casino - Apr. 2022
NuStar Casino - Mar. 2022
Emerald Casino - Q2 2022
Westside  City - 2024
Manila Pavilion - 2023

GCG Gaming Advisory Services offers an extraordinary level of expertise in the Philippines since 2004. Contact us for free insights and more.

PHILIPPINES GGR - 2019 to 2024

Gross Gaming Revenue (GGR):USD



H1:   $2,340,057,110       
H2:   $2,503,586,871        

Total $4,843,643,981        


H1:   $1,200,599,678

H2:   $1,401,134,992

Total $2,601,734,670



H1:   $1,076,373,916

H2:   $1,246,995,937

Total $2,323,369,853


H1:   $1,679,239,139

H2:   $2,244,940,640

Total $3,924,179,779


H1:   $2,444,230,686

H2:   $2,676,423,318

Total $5,120,654,004


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.


H1:   $1,415,742,228 (Q1)



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 gamindestination. A continual push of PIGO and PAGCOR Online will take away from the players visiting land based casinos. 


Our projection for a US$10 billion Philippines market remains at full year 202exceeding all SE Asian markets other than Singapore and Macau. 

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