HomeNewsPhilippinesPhilippine industry GGR tops $1.2 billion in 2Q23

Philippine industry GGR tops $1.2 billion in 2Q23

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The second-quarter industry gross gaming revenue (GGR) in the Philippines totaled PHP 67.4 billion ($1.2 billion), slightly down by 1.3 percent from the previous quarter but up by 28.3 percent yearly.

The results were announced by the Philippine Amusement and Gaming Corporation (PAGCOR) on Tuesday.

The vast majority of casino gaming revenue came from PAGCOR-operated casinos, totaling PHP 4.9 billion ($88 million) during the quarter, down 3.8 percent from 1Q23‘s $91 million. However, the figure represents an increase of 29 percent compared to 2Q22.

Much of the remaining GGR came from privately operated casinos, totaling PHP 51.7 billion ($918 million) during the quarter, with total private sector GGR for 2022 reaching PHP 168 billion ($3.02 billion).

Privately operated casinos include Manila’s Entertainment City, the Clark Freeport Zone, and Fiesta Resort Casino.

GGR generated from Entertainment City‘s four integrated resorts (IRs) – City of Dreams Manila, Newport World Resorts, Okada Manila, and Solaire – declined by 4.4 percent to PHP 43.5 billion ($772 million) in 2Q23 compared to the previous quarter, according to data released by PAGCOR.

Clark casinos saw an even bigger decline, with revenues falling by 5.2 percent to PHP 7.9 billion ($140 million). Fiesta has a small market share, contributing PHP 374 million ($6.6 million) to the total.

The Philippines has been gaining strong industry momentum ever since it reopened international borders in February of last year. The government later eased capacity restrictions in March 2022 and dropped all lockdowns in April of the same year.

Viviana Chan
Viviana Chanhttps://agbrief.com/
Viviana Chan is an editor, interpreter, and journalist. With over a decade of experience, she writes in English, Chinese, and Portuguese. Viviana started her career in Macau-based newspapers, where she became passionate about the region's social, financial, and cultural development. Her writing focuses on the economy, emerging industries, gaming development, political affairs, and cross cultural-exchange in the business and cultural domains. She is avid for news and eager to discover and cover stories that generate public relevance.

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