Press release
Philippines Casino and Gambling Industry is forecasted to Reach around USD 7 Billion by 2022: Ken Research
• Integration of casino with the hospitality sector will further support the growth of the casinos in industry in coming future.
• Rising number of UHNWI in the casinos will increase the demand for VIP category in the casinos.
• The Philippines is seen to be the next big thing in Asian gaming given its robust growth prospects and the surge in Chinese tourist arrivals.
Philippines Casino industry is in the nascent stage with the last 5 year CAGR of 17.2% from 2012-2017.
Integration of casino in the hotel sector has supported the cross business growth for casino and gambling and accommodation industry. Casinos in Philippines can be seen as a source of luxurious entertainment for people with high disposable income and time. With casinos' inability to attract a younger audience, they are looking at alternate methods to increase their customer base and business. One such method is closer association with the hospitality sector.
Also, the growth of the ultra high net investors in the forecasted period will be a huge growth driver to the casino industry. Philippines nationals have been gambling for the last 400 years and it is a tradition to gamble in the country. The UHNWI are estimated to grow at an average of 8% in the forecasted period.
Market will be driven by growing Chinese, Korean tourists, expansion of service portfolio, Growth in the VIP segment and entry of foreign casinos.
Analysts at Ken Research in their latest publication “Philippines Casino and Gambling Market Outlook to 2022 – By Licensed and Government Casinos and Electronic Gaming Sites (Bingo Games, Electronic Games and Sports Betting)” believe that increasing cyber and Physical security activities, focus on marketing & promotional activities and tie ups with hotels and resorts with the casinos will have positive impact on market.
Philippines Casino & Gambling Industry is expected to register positive CAGR of around 15.4% during the period 2017-2022. Well defined government regulations, expansion in current casino services, growing Korean tourists along with developing infrastructure are expected to have positive impact on the demand for gambling games.
For more information, refer to below link:
https://www.kenresearch.com/media-and-entertainment/gaming-and-gambling/philippines-casino-gambling-market/142992-94.html
Related Reports by Ken Research:
https://www.kenresearch.com/media-and-entertainment/gaming-and-gambling/asian-gambling-and-gaming-market-research-report/131-94.html
https://www.kenresearch.ae/media-and-entertainment/gaming-and-gambling/china-casino-gambling-market-research-report/623-94.html
https://www.kenresearch.com/healthcare/general-healthcare/philippines-hospitals-market-report/105284-91.html
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Ken Research
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Ankur@kenresearch.com
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Ken Research is a Global aggregator and publisher of Market intelligence, equity and economy reports. We provides business intelligence and operational advisory in 300+ verticals underscoring disruptive technologies, emerging business models with precedent analysis and success case studies.
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