Philippines casinos eye a bigger slice of Asia’s growth story

Asia-Pacific casino gambling is set for a long upswing, with market size projected to roughly double by 2033. That backdrop matters in Manila, where operators have fresh runway across integrated resorts and regulated online play. The headline number helps frame boardroom decisions: the region could climb from about US$92.3 billion in 2024 to US$185.2 billion by 2033, which encourages multi-year capex, new hotel keys, and better yield on non-gaming spend.

In the Philippines, the demand picture already shows its teeth. Regulators flagged another step-up in 2025, putting gross gaming revenue in a 450–480 billion peso band, a move supported by electronic gaming growth and steady visitation at Entertainment City properties. That range implies mid-teens expansion off last year’s record and keeps the country among the region’s faster climbers.

For a closer look at the online market texture, this analysis maps what players actually use and how operators localize the funnel. Expect references to mobile-first play, payment rails like GCash alongside crypto, and licensing footprints that still include Curacao or Anjouan for many brands serving Filipino users. It also underlines the appeal of live-dealer catalogs and fast sign-up flows that reduce friction on repeat sessions. Taken together, these levers shape acquisition costs, K-factors, and lifetime value in a way that brick-only models cannot ignore.

On the ground, momentum is not only digital. A fourth integrated resort, Westside City in Manila, is slated to open in Q4 2025, adding tables, rooms, and new entertainment capacity to the cluster. If that timeline holds, it should relieve weekend compression, broaden the MICE offer, and tighten the case for route expansion from secondary cities in the region. Execution risk remains, but supply coming online into a growing regional pie is the side of the cycle operators prefer.

Policy is the swing factor. PAGCOR’s own numbers show a powerful rebound, with first-half 2025 GGR up roughly 26% year over year, yet the regulator is also tightening guardrails around illegal platforms and advertising standards. For management teams, that means planning for sustained demand while assuming tougher compliance checks and cleaner marketing playbooks. The prize is a more durable channel mix and improved credibility with foreign junkets and institutional partners.

Macro conditions should cooperate. Services growth and job creation goals outlined by the World Bank point to a consumer base with rising discretionary spend, especially if reforms aimed at productivity and formalization stick through 2026. That backdrop, combined with tourism tailwinds, supports conservative but confident budgeting on ADRs, hold-normalized VIP volumes, and non-gaming revenue per visitor.

Expanding supply, a digital channel that finally scales with guardrails, and a regional cycle that still has room to run are the three components that the Philippines possesses, which are the ingredients for another leg higher. 

Investing throughout the cycle, maintaining strict compliance, and allowing the math of capacity plus demand to do its work are the tasks that boards are set with—a task that is easy to state but difficult to carry out.