Philippines GGR up 14.8% for Q1

Casino resorts located in Manila’s Entertainment City produced about 82.1 per cent of all industry GGR in the three months to March 31.

The Philippines.- The Philippine Amusement and Gaming Corp (PAGCOR) has reported that gross gaming revenue in the first quarter of the year was up 14.8 per cent from PHP28.54bn (US$555.2m) to PHP32.75bn (US$ 626.9m) quarter-on-quarter.

Revenue from casinos located in Entertainment City in Metro Manila was PHP26.89bn, up 12.9 per cent quarter-on-quarter. It represented 82.1 per cent of all industry GGR. Casinos located in the Clark Freeport Zone generated nearly PHP3.01bn while PAGCOR-operated casino revenue was PHP2.60bn, up 17.1. per cent when compared to the previous quarter.

The regulator revealed that table games GGR at PAGCOR-run casinos reached PHP808.2m during the first quarter of the year. The figure was up 20.3 per cent quarter-on-quarter. Slot GGR rose by 14.2 per cent quarter-on-quarter to PHP1.64bn.

The improvement in GGR coincided with a relaxation in the Covid-19 countermeasures as casinos returned to full capacity in March.

Philippines GGR to reach 85% of pre-pandemic level in Q4, analysts say

GGR at Philippine casinos could reach 85 per cent of pre-pandemic levels by the fourth quarter of this year, according to banking group Morgan Stanley. 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.

Morgan Stanley expects the main private gaming resorts in Manila’s Entertainment District to report a combined GGR of PHP27bn (US$515m).