In 2023, the Philippine Amusement and Gaming Corporation (PAGCOR) declared a record-breaking gross gaming revenue (GGR) of Php285.27 billion, marking a great achievement and a historic event in the Philippine gaming sector. This remarkable amount is 11.22% more than the previous peak of Php256.49 billion in 2019 and exceeds pre-pandemic levels.
The exceptional performance was acknowledged by PAGCOR’s Chairman and CEO, Alejandro H. Tengco, who said, “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.”
Recovery from Pandemic Lows
2020 saw a sharp decline in the gaming business as pandemic-related limitations caused GGR to fall to an all-time low of Php98.79 billion. But in the years that followed, the economy bounced back, with GGR reaching Php113.09 billion in 2021 and nearly doubling to Php214.33 billion in 2022, laying the groundwork for the record-breaking 2023 performance.
Chairman Tengco highlighted the gambling industry’s adaptation and resilience, emphasizing the beneficial impact on PAGCOR’s capacity to carry out its nation-building duties.
Integrated resorts emerged as the primary contributors to the gaming industry’s revenue, securing Php207.48 billion in 2023. The Electronic Games sector, experiencing rapid growth, followed closely with a substantial contribution of Php58.16 billion. PAGCOR-operated casinos under the Casino Filipino brand added Php19.62 billion to the 2023 figures.
Chairman Tengco predicted a more realistic GGR of Php336.38 billion for 2024 based on the positive trend, particularly considering the planned launch of additional integrated resorts in the upcoming year. The Fiesta Casinos in Rizal and Poro Point, Metro Manila, Clark, Cebu, and Entertainment City are anticipated to make substantial contributions toward the goal of a collective Php256.63 billion.
Chairman Tengco expressed his joy about the E-Games industry’s spectacular success and predicted that it will expand at the quickest rate in the upcoming years. In the E-Games industry, e-casinos, e-bingo, sports betting, and speciality games are expected to generate Php61.75 billion in revenue by 2024.
The Philippine gaming industry, propelled by a variety of income streams and developing industries, is poised for continuous expansion as it demonstrates resilience and adaptation. In 2023, the industry achieved a remarkable feat that bodes well for the future.
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