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PH gaming sector ended 2023 with record P285.27B revenues —PAGCOR

The Philippine gaming industry closed the year 2023 with a new record-high gross gaming revenues, even breaching pre-pandemic levels, the Philippine Amusement and Gaming Corp. (PAGCOR) said Tuesday.

In a statement, PAGCOR reported that the sector’s gross gaming revenues (GGR) last year stood at P285.27 billion, higher than the P214.33-billion GGR recorded in 2022. 

Compared to pre-pandemic 2019, last year’s GGR was higher by 11.22% than the previous record-high of P256.49 billion.

The Philippine gaming industry saw an all-time GGR low of P98.79 billion at the height of the pandemic in 2020. 

The following year, GGR slightly climbed to P113.09 billion before nearly doubling to P214.33 billion in 2022, which set the stage for 2023’s record-high performance.

“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,” said PAGCOR chairman and CEO Alejandro Tengco.

With a new record-high GGR in 2023, PAGCOR is projecting P336.38-billion GGR in 2024.

Tengco said the projection is “more achievable, especially with the scheduled opening of new integrated resorts this year.”

“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 said the country’s integrated resorts are still the biggest contributors to the gaming industry’s revenue pie with a P207.48-billion contribution in 2023, followed by the fast rising Electronic Games sector with P58.16-billion share.

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

“We are projecting that our licensed casinos from the 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,” said Tengco.

Meanwhile, e-casinos, e-bingo, sports betting and specialty games that together make 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, according to the PAGCOR chief.

“We are really excited with the phenomenal growth of E-Games in the Philippines and this is where PAGCOR will be betting,” added Tengco. —Ted Cordero/KBK, GMA Integrated News