Philippines hits record-breaking gross gaming revenues in 2023
The Philippine Amusement and Gaming Corporation (PAGCOR) has reported that the country’s gross gaming revenues (GGR) for 2023 soared to an unprecedented Php285.27 billion. (4.69 billion Eur). This remarkable achievement not only surpasses pre-pandemic levels but also sets the stage for robust growth in the years ahead.
Record-breaking figures and optimistic projections
PAGCOR Chairman and CEO, Alejandro H. Tengco, highlighted that the new GGR record represents an impressive 11.22% increase over the previous high of Php256.49 billion (4.22 billion Eur) in 2019. The industry faced a significant downturn in 2020 due to the Covid-19 pandemic, causing a steep decline in gaming revenues amid movement restrictions.
Chairman Tengco expressed his satisfaction with the results, stating, “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.”
Path to future success and projections for 2024
The latest not only signal a remarkable recovery but also make the 2024 Philippine GGR projection of Php336.38 billion (5.53 billion Eur) more attainable. Chairman Tengco attributed this positive outlook to the anticipated opening of new integrated resorts throughout the year.
Reflecting on the industry’s resilience, Chairman Tengco noted the adaptability and strength displayed during challenging times. He emphasized that the local gaming industry’s ability to rebound contributes significantly to PAGCOR’s fulfillment of its nation-building mandates.
Key contributors to the gaming industry’s revenue pie in 2023 included integrated resorts, which generated Php207.48 billion (3.41 billion Eur) , and the Electronic Games sector, with a notable Php58.16 billion. PAGCOR-operated 바카라s under the Casino Filipino brand contributed Php19.62 billion (322,6 million Eur) to the overall 2023 figures.
Chairman Tengco projected that licensed 바카라s from various locations, including Entertainment City, Metro Manila, Clark, Cebu, and the Fiesta Casinos in Rizal and Poro Point, would contribute up to Php256.63 billion to the 2024 GGR.
Meanwhile, the E-Games sector, encompassing e-바카라s, e-bingo, sports betting, and specialty games, is expected to be the fastest-growing sector in the coming years. Chairman Tengco expressed excitement about the sector’s phenomenal growth, emphasizing that PAGCOR would focus on leveraging the potential of E-Games in the Philippines.
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