The Philippines is rapidly expanding its gambling industry, aiming to surpass Singapore by next year to become the second-largest gambling hub in Asia, following only Macau.

Alejandro Tengco, Chairman and CEO of the Philippine Amusement and Gaming Corporation (Pagcor), revealed that the new integrated casino resort owned by Filipino billionaire Enrique Razon's Bloomberry Resorts Corporation will open later this year.

Simultaneously, the Philippines has eight casino projects in the pipeline, with new casinos planned in tourist hotspots such as Manila, Cebu, and Boracay. Additionally, all state-owned casinos are set to be privatized by early 2026.

Tengco stated during an interview with Bloomberg on Tuesday (March 12), "If Singapore doesn't expand its gambling industry, they'll hit a ceiling. Don't be surprised if we surpass them next year."

The Philippines expects its total gambling revenue to reach a new high of 336 billion pesos (approximately $8.1 billion USD) this year, up from 285 billion pesos last year.

Tengco estimates that Singapore's gambling industry generates about $6 billion USD annually. However, when Bloomberg approached the Singapore Casino Regulatory Authority for information on the revenues of Resorts World Sentosa and Marina Bay Sands, the authorities declined to comment.

The Philippines hopes to boost its tourism sector, which has been severely impacted by the COVID-19 pandemic, particularly offsetting the decline in Chinese tourists, by developing integrated resorts and casinos. The country welcomed 5.45 million foreign tourists last year, aiming for 7.7 million this year, although it remains below the pre-pandemic level of 8.26 million in 2019.

Tengco believes that the slow recovery of Chinese tourist arrivals will not hinder the development of the gambling industry, as Philippine casinos primarily attract locals and visitors from South Korea, Japan, Malaysia, and Singapore.

The Philippines is also venturing into online gambling. Online gambling accounted for one-fifth of the total gambling revenue last year, with the growth rate expected to surpass that of physical casinos. Tengco said, "Our advantage over Macau is that they don't have online gambling."