PH gaming revenues reach record P285.27 billion in 2023

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THE Philippine Amusement and Gaming Corporation (PAGCOR) announced that the country’s gross gaming revenues (GGR) in 2023 reached a record P285.27 billion, surpassing pre-pandemic levels and paving the way for robust growth in the coming years.

PAGCOR Chairman and CEO Alejandro Tengco stated that the new GGR record is 11.22 percent higher than the previous high of P256.49 billion set in 2019 before the COVID-19 pandemic outbreak in 2020, causing a steep decline in gaming revenues due to movement restrictions.

“Our 2023 results exceeded even our most optimistic projections, proving 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.

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The latest figures also make the Philippine GGR projection of P336.38 billion for 2024 more achievable, especially with the scheduled opening of new integrated resorts this year, according to the PAGCOR chief.

Tengco mentioned that the industry posted an all-time GGR low of P98.79 billion at the height of the pandemic in 2020. The following year, however, GGR slightly climbed to P113.09 billion before nearly doubling to P214.33 billion in 2022, setting the stage for this year’s record-setting haul.

“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,” he said.

Tengco added that the country’s integrated resorts remain the biggest contributors to the gaming industry’s revenue, with a P207.48 billion take in 2023, followed by the rapidly growing E-Games sector with P58.16 billion.

PAGCOR-operated casinos under the Casino Filipino brand contributed P19.62 billion to the 2023 numbers.

“We project that our licensed casinos from 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,” he said.

Meanwhile, e-casinos, e-bingo, sports betting, and specialty games, together making up the E-Games sector, are projected to contribute P61.75 billion in 2024 and should be the fastest-growing sector in the next few years, Tengco mentioned.

“We are really excited about the phenomenal growth of E-Games in the Philippines, and this is where PAGCOR will be betting,” he added.

 

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