The Philippine Amusement and Gaming Corp. (Pagcor) said that brick-and-mortar casinos will remain relevant despite the strong growth of online casinos.
At the 2024 SiGMA Asia Summit, Alejandro H. Tengco, Pagcor chairman and chief executive, said people's innate need for connection and closeness will keep the popularity of land-based casinos.
“He does not believe that land-based casinos will become obsolete, as human beings are social creatures who desire connection and intimacy with others,” Pagcor quoted Tengco as saying.
The online casino industry, also known as electronic gaming, has experienced rapid growth due to technological advancements, leading to the proliferation of various casino websites and apps.
This has sparked discussions among industry players about the future prospects of traditional brick-and-mortar casinos.
In the Philippines, Pagcor reported a shift from traditional land-based gaming to electronic gaming.
Tengco expects that this transition will likely extend to the rest of the Asian region in the near to medium term.
Furthermore, Tengco is projecting sustained growth in the iGaming sector and foresees the rise of more integrated resorts over the next five years.
Last month, the Solaire Resort North in Quezon City opend its doors, which Tengco said will usher in a new era for the gaming and tourism sectors.
Situated on a 1.5-hectare property in Quezon City, Solaire Resort North stands as a leading five-star integrated resort and casino serving northern Metro Manila and its neighboring provinces.
Ma. Vina Claudette Oca, Pagcor assistant vice president for gaming licensing, said that investments in integrated resorts (IRs) and casinos will continue to have far-reaching positive impacts across various industries.
Oca said that integrated resorts offer a diverse array of attractions beyond gaming to enhance the overall visitor experience.
Pagcor mandates that these IRs provide a mix of non-gaming amenities such as dining, shopping, and accommodations.
Oca noted that only a small portion, 7.5 percent, of the total floor area in integrated resorts is allocated to gaming activities, with the majority reserved for non-gaming facilities like hotels, retail spaces, dining outlets, and entertainment venues.
Furthermore, Oca underscords the significant role of integrated casinos in job creation, with over 20,000 Filipinos currently employed in these establishments, thus contributing to local employment opportunities.
Additionally, nearly 80 percent of Pagcor's regulated gaming revenues are funneled back to the government to support vital socio-civic projects.