Philippine Amusement and Gaming Corp.(Pager) said casinos grossed P285.27 billion, a record, in 2023.
Alejandro Tengco, Pagcor chairman, said the revenue is 11.22 percent higher than the previous high of P256.49 billion set in 2019 before the pandemic outbreak dampened gaming revenues.
Pagcor-operated casinos under the Casino Filipino brand contributed P19.62 billion.
“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,” Tengco said.
Tengco said this makes the target gross gaming revenue of P336.38 billion for 2024 more achievable, especially with the scheduled opening of new integrated resorts this year.
Tengco said the industry posted an all-time gross gaming revenue (GGR) low of P98.79 billion at the height of the pandemic in 2020. The following year, GGR ticked up to P113.09 billion before nearly doubling to P214.33 billion in 2022.
“Last year’s accomplishment is solid proof of the local gaming industry’s adaptability and resilience which translates to Pagcor’s enhanced ability to fulfill our nation-building mandates,” Tengco said.
Tengco said the country’s integrated resorts are still the biggest contributors to the gaming industry’s revenue pie with a P207.48 billion take in 2023 followed by the electronic games sector with P58.16 billion.
“We are projecting that our licensed casinos from the Entertainment City, Metro Manila, Clark, Cebu and the Fiesta Casinos in Rizal and Poro Point will contribute as much as P256.63 billion to our 2024 GGR,” Tengco said.
Meanwhile, e-casinos, e-bingo, sports betting and specialty games that together make up the e-games sector are projected to generate P61.75 billion in revenues this year and should be the fastest growing sector in the next few years, according to Tengco.
“We are really excited with the phenomenal growth of e-games in the Philippines and this is where Pagcor will be betting,” he said.
Tengco said Pagcor will continue to allow Philippine offshore gaming operators (POGO) to do business though strict in regulation, noting that the industry clocked in revenues of P5.2 billion last year, up 74 percent from P2.99 billion in 2022.
“From its peak of 1.8 million square meters (sq.m.)of office space leased, the POGO industry currently accounts for about 600,000 sq.m. of lease office spaces and this translates to about P5 billion in revenues for real estate companies,” Tengco said.
“This does not include the leases for residential spaces occupied by POGO workers as well as revenues and employment generated by service providers such as transport, restaurants and security,” he added.
Tengco noted POGOs generated revenues not only for Pagcor, but also for the Bureau of Internal Revenues.
