Philippines GGR up 80.9% for Q1
Gross gaming revenue was PHP59.26bn (US$1.06bn) in the first quarter.
The Philippines.- Authorities in The Philippines have reported that gross gaming revenue in the first quarter of the year was up 80.9 per cent year-on-year. GGR rose from PHP32.75bn (US$ 626.9m) to PHP59.26bn (US$1.06bn) and was up 5.8 per cent quarter-on-quarter.
Private casino resorts, including those located in Manila’s Entertainment City, produced 76.7 per cent of all GGR (PHP45.44bn). This was up by 69 per cent year-on-year and 3.1 per cent when compared to the previous quarter.
Commercial casinos in the Clark Freeport Zone generated nearly PHP8.29bn, an increase of 175.1 per cent from a year ago and up 22.2 per cent quarter-on-quarter. Aggregate revenue from PAGCOR-operated casinos reached just above PHP5.10bn, up 96.2 per cent year-on-year and up 6.2 per cent from the fourth quarter of 2022. Revenue from bingo, electronic games parlours and e-sabong is not included in casino GGR figures.
PAGCOR has recently reported net income of PHP1.87bn (US$303.19m) for Q1, up 42.6 per cent year-on-year from PHP624.7m. Revenue from gaming operations was up 49 per cent year-on-year from PHP11.29bn to PHP16.87bn (US$303.19m).
For 2023, PAGCOR announced a target of PHP244.84bn (US$4.5bn) in GGR. The target is 33.1 per cent higher than last year’s target and 14.2 per cent higher than the 2022 GGR. In 2022, the Philippine casino sector generated a GGR of just over PHP184.00bn, an increase of 90.6 per cent from 2021.
