The e-gaming industry is worth billions of dollars in a global scale and with the Philippines being one of Asia’s most lucrative markets for casino operations. e-gaming companies are pushing the continued occupation of office spaces in the country.
Aside from the offshore IT-BPM companies being one of the major tenants when it comes to office leasing, International property consultant Pronove Tai, predicts that offshore e-gaming companies will also be major tenants for most of the country’s leased offices and shared office space environments.
The influx of e-gaming companies who set up offshore operations in the country has been steadily increasing that is primed for a boom within the coming years. According to Pronove Tai Chief Executive Officer Monique Cornelio-Pronove, e-gaming companies are hiring more professionals in the country as part of their continued expansion. With the expansion comes the need to fill up roles and it naturally creates the demand for more seats and offices.
“Offshore gaming gained attention when President Rodrigo Duterte came in (when he launched a crackdown on illegal gamblers) but it’s actually been here for 13 years,” Pronove was quoted by the Manila Bulletin.
Currently, offshore e-gaming companies in the country are classified as service providers or licensed operators under the cluster of technology enterprise. The country is the first and currently the only country to license offshore online gaming.
Experts predict that the global offshore online gaming market will exceed $60 billion dollars by 2020 as Asia-Pacific is primed for tremendous growth and the Philippines expected to be a globally competitive player.
Currently, offshore gaming licensing services in the country are estimated to contribute over 160 billion pesos this year to the annual revenue for the government despite PAGCOR’s regulation of limiting licenses for offshore e-gaming by no more than 50 recognized operators.
Over the years, the country has been an attractive destination for e-gaming companies due to the availability of skilled professionals under a competitive rate, the highly westernized cities, prime grade infrastructure for offices, less expensive real estate occupation rates and significantly lower operational costs.
According to Pronove Tai, the offshore gaming industry will also need the support of the government to continue its meteoric rise as an economic contributor.
“The offshore gaming industry, a beleaguered office demand driver, requires clear, consistent and reliable national and local government support to succeed in the same way that the IT-BPM (information technology-business process management) industry flourished during the past administrations.”
Ezy Outsourcing Hub offers brokerage for office and seat space leasing for offshore companies across a diverse industry. For office space enquiries interested companies can contact us +63 917 5680402 or +63 917 5166897 or email enquiry@ezyoutsourcinghub.com
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