{"id":276,"date":"2024-06-28T11:40:09","date_gmt":"2024-06-28T08:40:09","guid":{"rendered":"https:\/\/nodepositbonuscasino.icu\/2024\/06\/28\/the-path-to-ice-2024-asias-developing-gambling-market-keeps-growing\/"},"modified":"2024-06-28T11:40:09","modified_gmt":"2024-06-28T08:40:09","slug":"the-path-to-ice-2024-asias-developing-gambling-market-keeps-growing","status":"publish","type":"post","link":"https:\/\/nodepositbonuscasino.icu\/2024\/06\/28\/the-path-to-ice-2024-asias-developing-gambling-market-keeps-growing\/","title":{"rendered":"The Path to ICE 2024: Asia&#8217;s Developing Gambling Market Keeps Growing"},"content":{"rendered":"<p><iframe loading=\"lazy\" width=\"800\" height=\"450\"\n    src=\"https:\/\/www.youtube.com\/embed\/0Hbai-3aSFo\"\n    frameborder=\"0\"\n    allow=\"accelerometer; encrypted-media; gyroscope; picture-in-picture\"\n    allowfullscreen><br \/>\n<\/iframe><\/p>\n<p>The Path to ICE 2024: Asia&#8217;s Developing Gambling Market Keeps Growing<\/p>\n<p>iGB is getting you ready for the biggest event of 2024 with this new series, taking you on the trip to ICE, covering the most recent developments since the 2023 event.<\/p>\n<p>Home > Casino &#038; Gaming > The Path to ICE 2024: Asia&#8217;s Developing Gambling Market Keeps Growing<\/p>\n<p>The Path to ICE 2024: Asia&#8217;s Developing Gambling Market Keeps Growing<br \/>\nAs the effects of the COVID-19 outbreak fade, 2023 has seen a strong recovery in Southeast Asia. The region is showing remarkable progress, especially in the face of the old giant, Macau.<\/p>\n<p>We covered this extensively at iGB this year; Southeast Asia is expected to lead the growth of the Asian gaming industry for a long time to come.<\/p>\n<p>The region undoubtedly has all the right components. It combines fast-growing economies, top-notch gaming resorts, and irresistible tourist destinations, worthy of any Instagram post.<\/p>\n<p>Economic growth is one of the key drivers of this post-pandemic surge. The Association of Southeast Asian Nations (ASEAN) is expected to overtake Japan within the next 10 years.<\/p>\n<p>Demographics reveal the reason behind this. Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, and Vietnam, with a combined population of over 660 million, currently have a collective GDP of over $3.3 trillion (\u00a32.7 trillion\/\u20ac3.1 trillion). This makes it the world&#8217;s fifth-largest economy, behind only India and 50% larger than Canada or Brazil.<\/p>\n<p>The group&#8217;s economy grew by 5.2% last year and is expected to maintain a growth rate of 4%. <\/p>\n<p>The Philippines stands as a prime illustration of the flourishing Asian casino sector, continuing to spearhead the industry&#8217;s advancement.  A 7% surge is projected for this year, followed by a 5% increase in 2024. These encouraging figures stem from the ASEAN annual report unveiled in July.<\/p>\n<p>Bloomberry has expanded its footprint with the inauguration of Solaire North in Quezon City last year, and is currently constructing a resort in Cavite, south of Metro Manila. NuStar, nestled in Cebu City, the heart of the nation&#8217;s second-largest metropolitan area, unveiled its accommodations and gaming amenities last year and is presently constructing two hotels, along with luxury retail and convention spaces.<\/p>\n<p>Clark, a two-hour drive north of Manila, serves as a weekend retreat destination, complete with its own international airport and boasting six newly constructed or refurbished casinos. Hann Resorts transformed its long-standing Widus casino into the region&#8217;s inaugural integrated resort in 2021, with multi-billion dollar expansion plans encompassing high-end hotels, golf courses, and luxurious residences. Its rival, D\u2019Heights, combines residential and hotel facilities and has plans to expand these offerings.<\/p>\n<p>However, when it comes to the Philippines and Philippine Offshore Gaming Operators (POGO), China looms like an unexpected challenge. The two nations remain at odds over the POGO issue. Former President Rodrigo Duterte in 2019 declined a direct request from Chinese President Xi Jinping to shut down POGOs. The ongoing offshore gambling activities now pose a threat to the return of Chinese tourists, who constituted 21% of Philippine tourists before the pandemic. <\/p>\n<p>The Filipino leader, Ferdinand Marcos Jr., has not yet made a decision regarding his stance on POGO. This comes despite the Senate&#8217;s ongoing investigations that emphasize the negative impacts of the industry, including financial crimes.<\/p>\n<p>Amidst increasing public disapproval and persistent pressure from the Chinese government, Marcos should consider two key aspects of Philippine offshore gaming. Even with the best intentions and advanced technology, operators face challenges in preventing wagers from China. It&#8217;s even more difficult to accept bets from China.<\/p>\n<p>Investigations in January revealed that POGO earnings are significantly lower than the government&#8217;s projections. In the previous year, POGO&#8217;s total revenue was approximately $6.25 million per month, while the anticipated revenue was over $50 million. The industry has contracted to less than half its peak size, with an estimated GGR of $1.8 billion last year.<\/p>\n<p>Restricting offshore gaming is a central component of President Xi Jinping&#8217;s initiative to combat gambling and illicit capital movement. To comply, industry experts recommend that the Philippines implement measures to prevent Chinese users from accessing POGO websites.<\/p>\n<p>Sign up for the iGaming newsletter. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Path to ICE 2024: Asia&#8217;s Developing Gambling Market Keeps Growing iGB is getting you ready for the biggest event of 2024 with this new series, taking you on the trip to ICE, covering the most recent developments since the 2023 event. Home > Casino &#038; Gaming > The Path to ICE 2024: Asia&#8217;s Developing [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.8 (Yoast SEO v22.8) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>ICE 2024: Asia<\/title>\n<meta name=\"description\" content=\"Get ready for ICE 2024! 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