The Philippine Amusement and Gaming Corporation (PAGCOR) reported that the country's gross gaming revenue (GGR) in 2023 reached a record Php 285,27 billion, surpassing pre-pandemic levels and paving the way for growth more robust in the coming years.
The president and CEO of PAGCOR, Alejandro H. Tengco, said GGR's new record is 11,22% higher than the previous high of Php 256,49 billion set in 2019, before the outbreak of the Covid-19 pandemic in 2020, when gaming revenues are decreased dramatically due to movement restrictions.
“Our 2023 results exceeded even our most optimistic projections and demonstrate beyond any doubt that the Philippine gaming industry has fully recovered and is now poised for sustained growth in the medium to long term.” President Tengco said.
The latest numbers also make the Philippine GGR projection of Php336,38 billion for 2024 more achievable, especially with the scheduled opening of new integrated resorts this year, according to the PAGCOR chief.
Chairman Tengco said the industry recorded an all-time low GGR of Php98,79 billion at the height of the pandemic in 2020. The following year, however, GGR rose slightly to Php113,09 billion before nearly double to Php214,33 billion in 2022, setting the stage for this year's record haul.
“Last year's achievement is solid evidence of the adaptability and resilience of the local gaming industry, resulting in PAGCOR's increased ability to fulfill our nation-building mandates,” he has declared.
President Tengco said the country's integrated resorts are still the largest contributors to the gaming industry's revenue pie, grossing Php207,48 billion in 2023, followed by the fast-growing electronic gaming sector with 58,16 Php.XNUMX billion.
PAGCOR-operated casinos under the Casino Filipino brand contributed Php19,62 billion to the 2023 numbers.
“We expect our licensed casinos in Entertainment City, Metro Manila, Clark, Cebu and Fiesta Casinos in Rizal and Poro Point to contribute up to Php256,63 billion to our 2024 GGR,” he has declared.
Meanwhile, electronic casinos, e-bingo, sports betting and specialty games which together make up the e-games industry are expected to contribute Php 61,75 billion in 2024 and are expected to be the fastest growing sector in the coming years, President Tengco said.
“We are really excited about the phenomenal growth of E-Games in the Philippines and this is where PAGCOR will bet,” he added.
