The Philippine Amusement and Gaming Corporation (PAGCOR) has said in its latest press release that the gross gaming revenue (GGR) in the casinos has almost reached 2019 levels.
Ajejandro Tengco, PAGCOR Chairman and CEO, said: “And so, one year into the term of President Ferdinand Marcos Jr., our gross gaming revenues have returned to near the levels of 2019 which was the year PAGCOR achieved its all-time high for Philippine GGR levels.
“Today, we expect the 2023 GGR to match, if not surpass, our 2019 record.
“Not bad considering that many of our traditional high rollers and junkets have not fully returned, but our domestic players and the influx of new tourists have filled the void.”
It’s believed that this GGR has been supported by the relaxed travel and movement restrictions, which were only lifted recently.
Tengco continued: “Clark is projected to become a major gaming and tourism hub before the end of this decade.
“If you go around Clark, you can see its immense potential.
“You can see the infrastructure in place, you can see the surrounding tourist destinations and you can see the new buildings and new commercial districts being developed in all directions.”
The Clark Freeport Zone is currently undergoing a major development plan, with the Clark Development Corporation (CDC) supporting plans to turn the area into a Meetings, Incentives, Conferences and Exhibitions (MICE) tourism zone.
Tengo concluded: “We expect the delivery of 3,000 brand new slot machines by January next year.
“We have an agreement in place with a supplier for a revenue-sharing scheme for these new machines which we expect to generate at least ₱18bn ($321m) in revenues in the next five years.
“We are also modernizing our table games by replacing our old ones with new and more sophisticated gaming tables to attract more players and further increase revenues.”
In its most recent Q3 results, PAGCOR reported a total income just below $1bn, accounting for income from gaming operations, gains and other service and business income as well as other non-operating income.
