The Philippine gambling industry is projected to exceed US $6 billion in revenue for 2024. The Philippine Amusement and Gaming Corporation (PAGCOR) chairman, Alejandro Tengco, told reporters, “Our GGR for the year is over 350 billion pesos.”
Despite regulatory crackdowns on Philippine Offshore Gaming Operators (POGOs), the gambling industry has exceeded expectations and is on course for another historic revenue year.
In July 2024, President Marcos officially banned the POGO program, leading to fear over a loss of revenue while strengthening ties with China. Fortunately, revenue is still trending upward with the addition of new brick-and-mortar casinos on the horizon, luxury casino resort expansions, and the tourist industry bouncing back to pre-pandemic levels.
Gambling Revenue Growth Contributors
The Philippine gambling industry thrives, with Manila casinos attracting high rollers from China, South Korea, and Japan. While the offshore casinos were shut down, local casinos are still available to Philippine players online.
Revenue has increased in the Philippines due to increased tourism and new casino projects. In the coming years, several more integrated casino resorts will open, further driving revenue.
Regulatory Adjustments
The Philippine Amusement and Gaming Corporation (PAGCOR) has implemented strategic measures to ensure the sustainability of the gambling industry. Key initiatives include:
The sale of all state-owned casinos (pending)
Licensing reforms to attract reputable operators lowered licensing fees.
Taxation adjustments to ensure fair contributions to the national economy.
Are Online Casinos In The Philippines Trustworthy?
Philippine players have access to local and offshore online casinos that are operating from outside of the country. While some rogue operators give the online casino industry a bad reputation, the most trusted online casinos are available and trustworthy.
Popular online gambling sites offer classic casino games such as blackjack, roulette, video poker, craps, and live dealer games.
Do Offshore Casinos Contribute To PH Gambling Revenue?
No, offshore casinos do not provide revenue to the Philippines. The POGO industry was in place to grab some of that revenue, but after several POGO-related crimes, the current administration shut down the industry.
His colleagues praised President Marcos for ending the program and adding validity to the gambling industry in the Philippines. Once PAGCOR sells its government-owned casinos, the country will be poised to be one of the most trusted gaming districts in the world.