Philippines annual gross Gambling revenues Attain an all-time Large

In the Philippines, a steady stream of foreign high-rollers reportedly helped to push aggregated gross gaming revenues for 2018 up by around 13% year-on-year to hit an all-time high of approximately $3.79 billion.

Record-setting performance:

According to a report from GGRAsia citing a Tuesday story from the Reuters news service, the annual figures came from the Chairman for the Philippine Amusement and Gaming Corporation, Andrea Domingo, and represented a swell of over $900 million when compared with the final tally for 2017.

Better times ahead:

Domingo reportedly detailed that the Philippine Amusement and Gaming Corporation’s own aggregated gross gaming revenues for 2018 are forecast to reach in excess of $1.89 billion in advance of predicting that the nationwide total for 2019 is expected to grow by around 8.5% year-on-year to attain a new record of about $4.11 billion.

Domestic market feeling ‘threatened’:

She reportedly explained that 2019’s optimistic estimate comes despite the domestic market feeling ‘threatened’ by large-scale casino developments currently in operation or being planned for the nearby nations of Cambodia, Vietnam and, eventually, Japan.

Operators a-plenty:

The source further reported that the Philippines is home to numerous Las Vegas-style integrated casino resorts including Melco Resorts and Entertainment Limited’s 15-acre City of Dreams Manila venue as well as the $1.2 billion Solaire Resort and Casino property from the Bloomberry Resorts and Hotels Incorporated subsidiary of Manila-listed Bloomberry Resorts Corporation. The market’s nine private operators are purportedly responsible for some 1,110 gaming tables while the state-owned Philippine Amusement and Gaming Corporation’s portfolio encompasses a further 470 units alongside a collection of some 9,679 slots.

Domingo reportedly told Reuters…

“All the integrated casino resorts are doing very well. If you have critical mass and a safe environment, gamblers will still be there.”