Philippine GGR could reach PHP65bn if the economy continues to recover amid the end of Covid-19 countermeasures.
The Philippines.- PAGCOR chairman and CEO Andrea Domingo has told Philstar that PAGCOR’s annual GGR could reach around PHP60bn to PHP65bn, almost double what it was last year. She added that GGR could reach between PHP25bn and PH35bn by the end of the first half.
Domingo said the economy was picking up after borders opened. She added: “There are a lot of foreigners coming in now to play because we have casinos, where foreigners predominantly play and where very few Filipinos do a lot of heavy betting.”
A few days ago, analysts at Morgan Stanley predicted Philippine casinos could reach 85 per cent of pre-pandemic levels by the fourth quarter of this year. Analysts say factors supporting growth include the reopening of borders in Southeast Asian countries in the second quarter and the easing of Covid-19 countermeasures from March.
Analysts Gareth Leung and Praveen Choudhary said “pent-up demand and election-induced consumption could provide upside to our estimates.”
PAGCOR renews agreements to promote responsible gaming
The regulator has renewed its ties with the Bridges of Hope and the Life Change Recovery Center, two rehabilitation partners. The partnership aims to prevent negative effects of uncontrolled gambling and improve the treatment of gambling addiction.
Bridge of Hope is a Ministry of Health accredited drug, alcohol and gambling addiction rehab facility and has the largest chain of rehab centres in the country. The Life Change Rehabilitation Center is a medical-psychological facility dedicated to rehabilitating victims of gambling and drug addiction.
As part of the new partnership, the National Gaming Corporation and Rehabilitation Center has agreed to establish a referral system for Filipino Casino (CF) clients who need professional assistance, such as life coaching and counselling, as well as psychological and alternative health services for individuals and families.