Philippines GGR up 33% in 2023
PAGCOR has now set a target of PHP336bn (US$6bn) for 2024, driven by the opening of new integrated resorts and the growth of e-casinos, e-bingo and sports betting.
The Philippines.- The Philippine Amusement and Gaming Corp (PAGCOR) has reported gross gaming revenues (GGR) for the year 2023 was up 33 per cent year-on-year to PHP285bn (US$5.1bn).
The 2023 GGR surpassed the set target of PHP273bn and outperformed the previous high of PHP256.49bn recorded in 2019, previous to the Covid-19 pandemic.
PAGCOR chairman and CEO Alejandro H. Tengco stated: “Our 2023 results exceeded even our most optimistic projections, and it proves beyond doubt that the Philippine gaming industry has fully recovered and is now poised for sustained growth in the medium to long-term.”
Casinos remained the primary revenue contributors, accounting for PHP207.5bn (US$3.7bn), followed by the electronic games sector with PHP58.16bn (US$1.04bn). Commercial casinos licensed by PAGCOR contributed PHP19.62bn (US$352m) to the overall GGR.
See also: Philippines recorded more than 5 million tourist arrivals in 2023
After presenting the 2023 results, Tengco set an ambitious target of PHP336.38bn (US$6bn) for 2024, anticipating an 18 per cent increase from the previous year.
It is expected that new integrated resorts will open over the course of the year in accordance with this projection. Tengco stated: “We are projecting that our licenced casinos from the Entertainment City, Metro Manila, Clark, Cebu, and the Fiesta Casinos in Rizal and Poro Point will contribute as much as PHP256.63bn (US$4.6bn) to our 2024 GGR.”
PAGCOR’s chairman also pointed out that electronic casinos, e-bingo, sports betting, and speciality games, collectively constituting the E-Games sector, are anticipated to contribute PHP61.75bn (US$1.1bn) in 2024.
By law, PAGCOR must provide portions of its earnings to the Bureau of the Treasury, the Bureau of Internal Revenue (BIR), and the Philippine Sports Commission, among others.
