S&P sees Philippine gaming revenue returning to growth as online play recovers
S&P Global Ratings said supportive visa policies and a recovery in online gambling could return Philippine gross gaming revenue to growth. PAGCOR reported a 15.9% year-on-year decline in GGR in the first quarter of 2026, with electronic gaming down 22.4%. S&P analyst Flora Chang also warned that higher energy costs and proposed online gambling rule changes could weigh on revenue and profitability.
Operators face a possible demand recovery alongside cost pressures and regulatory changes that could affect operating hours and customer acquisition.