The Philippine Amusement and Gaming Corporation (PAGCOR) has reported its gross gaming revenue (GGR) for the nation in 2023. The total came to Php285.27bn ($5.09bn), up 33.1% from the Php214.33bn reported last year.
The amount generated in 2023 is a record high and more than reported in 2019, showing a post-Covid bounce back even stronger than that seen in Macau.
While Macau showed higher year-on-year growth, up 334% from 2022, the MOP$183.1bn (US$22.7bn) was still below the amount generated pre-Covid. In 2019, yearly cumulative gross income was MOP$292.5bn, meaning 2022’s earnings were still 37.4% less than pre-Covid.
Despite this, growth across both Macau and the Philippines suggests a market well on its way to recovery following Covid-19, with PAGCOR having announced its recovery to pre-Covid levels in November. Japan’s first casino, which is currently under development in Osaka, as well as Mohegan’s Inspire venue in South Korea, which is expected to receive its gambling licence this quarter, further solidifies the growth of the Asian market.
Source: PAGCOR
Of the gaming options available in the Philippines, integrated resorts made the largest contribution, at Php207.48bn. This is followed by electronic games, which generated Php58.16bn.
On the 2023 results, PAGCOR Chairman and CEO Alejandro Tengco 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.”
Growth is projected to hit Php336.38bn in 2024 according to PAGCOR. Tengco added: “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 Php256.63bn to our 2024 GGR.”
PAGCOR also expects the e-games sector, which includes online casinos, bingo and sports betting, to generate Php61.75bn in 2024.
