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Morgan Stanley is warning that the Philippine casino industry faces a tough road ahead, with weakness expected to last through the end of 2026.
Praveen Choudhary, the bank’s managing director and head of Asian gaming and lodging, said the market has lost much of the appeal it once had. Returns have dropped sharply compared to a few years ago.
Speaking at the first day of G2E Asia 2026 at the Venetian Macao, Choudhary pointed to falling tourist arrivals as the main problem. Visitors from South Korea and China, two of the Philippines’ biggest source markets, saw double-digit declines in the first quarter of 2026.
The Philippine government had eased visa rules for mainland Chinese tourists in an effort to boost traffic. But Choudhary said those measures have not been enough to offset the decline.
Online betting and broader global developments have also weighed on the country’s land-based casino operations. The combination of these factors has made it harder for operators to recover lost ground.
Choudhary said he does not expect conditions to improve anytime soon. He sees no reason to believe a turnaround is coming for the Philippine market in the near term.
Official data backs up his view. Gross gaming revenue from licensed land-based casinos in
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