The Philippines can leapfrog Singapore to become Asia's second-largest gambling destination behind Macau as soon as 2025, said the head of the country's gaming regulator.

Alejandro Tengco, Chairman and Chief Executive Officer of government-owned regulator Philippine Amusement and Gaming Corp. (Pagcor), cited eight upcoming casino projects in the country, as well as a new integrated resort in Manila, as reasons for his optimism.

“If Singapore doesn’t expand, they will plateau. Don’t be surprised if next year we will surpass them,” Tengco said in a Mar. 12 interview with Bloomberg.

Philippines expected to hit new high for gaming revenue

The country is expected to hit a new high of 336 billion pesos (S$7.75 billion) for its gross gaming revenue in 2024, up from 2023's record of 285 billion pesos (S$6.57 billion).

Tengco estimated Singapore’s annual gross gaming revenue to be around US$6 billion (S$8.11 billion).

Singapore’s Gambling Regulatory Authority declined to comment on Tengco’s remarks when asked by Bloomberg.

Instead, it referred to the financial statements of Genting Singapore Ltd and Las Vegas Sands Corp for the revenues of the two Singapore integrated resorts.

Future plans

Elaborating on future casinos in the Philippines, Tengco said these are planned to be built in Manila and at the former U.S. military Clark Air Base, as well as in tourist magnets like Cebu and Boracay.

In the next five years, foreign and domestic firms are expected to invest up to US$6 billion (S$8.11 billion) in the Philippines' casino sector, he said in a Reuters interview published on Mar. 19.

Tengco added that Pagcor is planning to launch its own online gaming website later this year, as part of the regulator's efforts to boost gaming revenue, Bloomberg reported.

"We will have continued growth because of the opening of new casinos and the expansion in the electronic gaming segment," he told Reuters.

What's happened since then?

The new Manila integrated resort alluded to by Tengco, the capital's second, was launched in end-May by Bloomberry Resorts Corp.

At the opening of Solaire Resort North, Tengco said it marked a “new era not only for the Philippine gaming industry but also for the tourism industry", according to Inside Asian Gaming.

Earlier this month, however, a gaming operator pulled out of talks to acquire integrated resort project Emerald City in Cebu.

It is already the third cancelled deal involving a the stalled project, The Japan Times reported.

What about Singapore?

Singapore's two casino operators Genting Singapore and Las Vegas Sands also have plans to expand their respective integrated resorts.

A new S$6.8 billion development at Resorts World Sentosa (RWS), titled "RWS 2.0", is set to begin construction in 2024.

The expansion is headlined by a new waterfront structure that will comprise approximately 700 hotel keys.

Marina Bay Sands (MBS) also has plans for a S$4.5 billion expansion, notably with a new fourth tower and an expansion of the current casino space.

Construction is expected to begin by July 2025 and is slated for completion by July 2029.

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Top image from PAGCOR / Facebook