Good morning. The Philippines’ strategy to open up saw serious gains for PAGCOR in 2022, with the operator/regulator’s gaming revenue topping $1 billion and its profit rising 20-fold compared to the previous year. In Macau, the case against former second-top junket group Tak Chun heats up, with accusations of $4.46 billion in under-the-table bets. And the company Tak Chun acquired in 2020, Macau Legend, is also facing issues over its $271 million Cape Verde casino after failing to meet construction deadlines.
What you need to know
- PAGCOR records revenue of $1 billion in 2022, up 68 percent y-o-y, while profits rise a staggering 20-fold.
- Tak Chun junket trial continues, with authorities alleging $4.46 billion in under-the-table betting.
- Macau Legend faces possible legal action by government of Cape Verde over failed commitments on its $271 million casino in Praia.
- Macau hotel occupancy in 2022 reached just 38 percent, but expectations are for post-CNY demand to remain at 70 percent or above.
On the radar
- PH senators support PAGCOR assets sell-off to finance Maharlika fund.
- Single entry/exit requirement between Zhuhai-Macau border extended.
- Mohegan to cease voluntary filing with SEC.
- Crown workers receive pay increase after union negotiations successful.
- BetMakers reshuffles board with new appointments of President and CEO.
AGB Intelligence
PHILIPPINES
PAGCOR: $1bln in 2022 gaming revenue, profits up 20-fold
The Philippines’ gaming regulator and operator PAGCOR saw a strong yearly increase in 2022, with gaming revenue up 68 percent, topping $1 billion. The year also saw a 20-fold increase in profit, despite the figure falling far short of pre-COVID levels. Expectations are for a solid 2023, as the country is fully open this year, with tourist arrivals hoped to top 5 million.
Industry Updates
- SIS signs landmark 24/7 racing deal with BetConstruct.
- NeoGames Group set to lay out powerful collective vision at ICE.
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