Philippine GGR up 17.4 percent in Q1

Gross gaming revenue in the Philippines gained 17.4 percent in Q1 to P60 billion ($1.13 billion), with most of the gains driven by casinos in Entertainment City.

Entertainment City IRs saw GGR gain more than 19 percent to P39.8 billion, according to figures released by the Philippine Amusement and Gaming Corp. Pagcor’s own casinos raked in P9.43 billion, up from P8.9 billion in the same quarter a year ago, while casinos in the Clark Freeport Zone saw GGR rise from P2.1 billion to P2.8 billion. The properties owned by Thunderbird recorded an 18 percent gain to P442 million.

Revenue generated by junkets saw a 35 percent gain to P14 billion. as more VIP gamers flooded into the country, attracted by improving facilities and infrastructure. Non-junket revenue came in at P16.5 billion from P14.5 billion a year earlier.

The figures indicate the Philippines was one of the strongest performing markets in Asia so far this year, though recently Melco Resorts & Entertainment CEO Lawrence Ho said his firm has turned cautious on the outlook for the market due to increasing competition. Melco runs City of Dreams Manila in Entertainment City.

Bingo games generated P6 billion in revenue up from P5.1 billion, while revenue from sports betting rose to P296 million from P213 million.