The Philippine Amusement and Gaming Corporation (PAGCOR) anticipates a surge in the GGR to reach PHP 336.38 billion ($6 billion) this year, driven by the growth of E-Games and the establishment of new integrated resorts.
This projection follows the corporation’s record-high gross gaming revenue (GGR) of P285.27 billion in 2023.
Speaking to local media, PAGCOR Chairman and CEO Alejandro H. Tengco revealed that the GGR for the previous year saw an 11.22 percent increase compared to the previous record of PHP 256.49 billion ($4.6 billion) set in 2019. The significant drop in gaming revenues in 2020 was attributed to the outbreak of the COVID-19 pandemic, leading to steep declines due to imposed movement restrictions.
Tengco stated, “The results for 2023 surpassed our most optimistic forecasts, unequivocally demonstrating that the Philippine gaming industry has not only fully recovered but is now positioned for consistent growth in the medium- to long-term.”
He further mentioned that these latest figures enhance the feasibility of the Philippine gross GGR projection of $6 billion for 2024, particularly with the anticipated opening of new integrated resorts this year.
Tengco highlighted that the gaming industry experienced an unprecedented low in GGR at PHP 98.79 billion ($1.77 billion) during the peak of the pandemic in 2020. Subsequently, in the following year, GGR saw a slight increase to PHP 113.1 billion ($2 billion) before nearly doubling to PHP 214.33 billion ($3.8 billion) in 2022, setting the foundation for the remarkable achievement this year.
He emphasized, “The accomplishment of the past year serves as strong evidence of the local gaming industry’s adaptability and resilience, underscoring PAGCOR’s enhanced capacity to fulfill our nation-building mandates.”
Tengco noted that the integrated resorts in the country remain the primary contributors to the gaming industry’s revenue, generating a total of PHP 207.48 billion ($3.7 billion) in 2023. Following closely is the rapidly growing Electronic Games sector, contributing PHP 58.16 billion ($1 billion).
Additionally, casinos operated by PAGCOR under the Casino Filipino brand played a significant role, contributing PHP 19.62 billion ($350 million) to the overall figures for 2023.
“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 PHP 256.63 billion to our 2024 GGR,” he said.
In the meantime, electronic casinos, e-bingo, sports betting, and specialty games, collectively constituting the E-Games sector, are anticipated to contribute PHP 61.75 billion ($1.1 billion) in 2024. Tengco emphasized that this sector is expected to be the fastest-growing in the coming years.
He pointed out that, beyond the revenues directly generated for PAGCOR by POGOs, the POGO industry also contributes to the revenues of the Bureau of Internal Revenue. Furthermore, it plays a crucial role in supporting the real estate industry and providers of ancillary services.
