Good morning. Some spectacular results from the Philippines in the fourth quarter, with licensed casinos seeing a 94 percent yearly uptick in GGR, topping $925 million. Meanwhile, the Chinese central government continues to push Macau’s economic diversification as the top party “two sessions” meetings are held. And SJM warns of a $598 million loss for FY22, as renovation costs further weighed down a dismal year.
What you need to know
- The Philippines’ licensed casino operators saw a 94 percent yearly uptick in gross gaming revenue, topping $925 million in 4Q22.
- China’s central government orders Macau to diversify its economy away from casinos, pushing for foreign punters and non-gaming.
- SJM Resorts warns of a $598 million loss for FY22, as renovation costs for its Jai-Alai casino and satellite casino closures weigh it down.
On the radar
- AGEM Index in February down slightly both monthly and yearly.
- Macau gaming sector lost over 2,600 workers in 4Q22.
- Three mainland gamblers arrested for entering Macau illegally.
- Singapore detects fake news websites promoting gambling-related scams.
AGB Intelligence
PHILIPPINES
PH licensed casino 4Q22 GGR up 94% yearly, topping $925m
Licensed casino operators in the Philippines saw a 94 percent uptick in gross gaming revenues in 4Q22, topping $925 million. The lifting of COVID-related measures and return of punters, in particular from abroad, prompted the gain – mostly registered at Entertainment City properties.
Industry Updates
- PopOK Gaming participating in ASEAN Gaming Summit 2023.
- 3 Oaks Gaming appoints new Head of Account Management.
Meet at ASEAN 2023
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