Alejandro Tengco says the increased demand for leisure, travel and entertainment will sustain the industry’s growth trajectory.
The Philippines.- The chairman and chief executive officer of the Philippine Amusement and Gaming Corporation (PAGCOR), Alejandro H. Tengco, has noted that gross gaming revenues have almost returned to 2019 levels.
Speaking during the RGB Connect Gala Night at the Hilton Clark Sun Valley Resort in Pampanga, Tengco pointed out that the relaxation of travel and movement restrictions had sparked a resurgence in consumer demand for dining, shopping and outdoor activities.
He said: “Today, we expect the 2023 GGR to match, if not surpass, our 2019 record. Not bad considering that many of our traditional high rollers and junkets have not fully returned, but our domestic players and the influx of new tourists have filled the void.”
Tengco said the growth of the Philippine gaming industry would be bolstered by the opening of additional integrated resorts, including those in Clark. He noted that the state gaming agency is also embarking on a modernisation programme and that PAGCOR plans to launch an online platform, casinofilipino.com.
He said: “We expect the delivery of 3,000 brand new slot machines by January next year. We have an agreement in place with a supplier for a revenue-sharing scheme for these new machines which we expect to generate at least P18 billion in revenues in the next five years.
“We are also modernizing our table games by replacing our old ones with new and more sophisticated gaming tables to attract more players and further increase revenues,” he added.