The state-run Philippine Amusement and Gaming Corp (Pagcor) has declared an exceptional financial performance in the first half of 2023, with total income increasing by 35.6% over the same period last year. The regulator reported revenue of PHP36.21 billion (US$663.7 million) in the first half of the year, falling within PHP2.59 billion – or 6.7% – of the first-half 2019 figure, demonstrating a remarkable rebound from the Covid-19 pandemic impact.
Given current revenue trends, Pagcor’s chairman and CEO, Alejandro Tengco, voiced confidence in the agency’s capacity to achieve pre-pandemic income levels by the end of 2023. He predicted that the Philippine casino industry would produce at least PHP272.74 billion in annual gross gaming revenue (GGR) in 2023, including both private-sector casinos and Pagcor-operated venues.
Tengco stated that the first semester of 2023 had a strong performance, with roughly PHP136.37 billion GGR, representing a startling 48.7% rise over the previous year. He attributed their achievement to the favorable economic environment and expressed hope that they would meet or exceed their revenue projections in order to contribute to the nation’s progress even more.
Tengco voiced hope about preserving the gaming industry’s growth pace as the economy recovered to pre-pandemic levels. He underlined the significance of tightening regulatory laws in order to attract more investors to the gaming business in the Philippines.
According to Pagcor’s revenue composition for the first half of 2023, income from gaming operations and regulatory fees from its licensees amounted to PHP34.12 billion, remaining the agency’s major contributor to revenue. This income increased by 38.0% as compared to the same period last year.
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