PAGCOR targets P244.84B in gaming industry revenues for 2023

The Philippine Amusement and Gaming Corporation (PAGCOR) is targeting P244.84 billion in gross gaming revenues for the entire industry this year as it banks on the growth momentum of the local gaming sector.
 
Citing its 2023 Performance Scorecard submitted to the Governance Commission for GOCCs (GCG), PAGCOR said its gross gaming revenues (GGR) target in 2023 is 33.13%, or P60.934 billion, higher than the 2022 target of P183.906 billion.
 
This year’s GGR target is also P30.51 billion, or 14.23% higher than the actual industry GGR of P214.33 billion last year.
 
PAGCOR chairman and CEO Alejandro Tengco said that the state-run gaming firm’s increased GGR target is fueled by the gaming industry’s robust performance in 2022, which has been largely attributed to the opening of Philippine borders to local and foreign tourists.
 
“Since the lockdowns were eased in the country late last year and gaming venues reopened, customer confidence slowly returned, and the attendance in our owned casinos slowly improved. Our licensed casinos likewise recorded a major revenue growth,” Tengco said.
 
PAGCOR alone is targeting P68.490 billion in revenues from its gaming operations by the end of 2023.
 
“This amount is a 36.6% increase from our P50.13 billion target in 2022 and 24.41% higher than our 2022 income from gaming,” Tengco said.
 
The gaming regulator is also targeting 100% payment of mandatory contributions to recipient agencies, attainment of P1.022 billion in net income, and 98% collection efficiency of license and regulatory fees from PAGCOR’s regulated gaming entities. —VBL, GMA Integrated News