Sustained strong domestic demand is expected to propel a 15 percent growth per annum in the gross gaming revenue of the country’s gaming sector in the medium term, according to the analysts from the Maybank Securities Inc.
In a report published in the GGR Asia Newsletter on Thursday, analysts Miguel Sevidal and Alexa Mae Carvajal maintained their positive view on the Philippine gaming sector as they anticipated a sustained growth in the domestic demand-driven mass market..
They also cited the upside from the re-emergence of the VIP segment led by Korean high-rollers, and limited risk from inflation, competition and regulation.
Available data showed that the Philippine casino sector produced GGR of P59.26 billion (US$1.07 billion) in the first quarter, 80.9 percent higher year on year.
The tally – excluding revenue from bingo operations and electronic games parlors – rose by 5.8 percent sequentially.
Maybank said mass-market tables and slot machines produced 59 percent of total industry GGR in first-quarter 2023, reinforcing the Philippines as a domestic demand-driven market.
The analysts said that mass and slots GGR have further room to grow, as evidenced by the country’s below-average GGR per capita and the increasing wallet share of Entertainment City casinos.
