Gaming revenues beat target, hit record P285 billion in 2023

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MANILA, Philippines — The local gambling industry continued to take advantage of increased operational capacity, with its gross gaming revenues (GGR) exceeding targets and hitting a record P285 billion in 2023.

In a press briefing yesterday, Philippine Amusement and Gaming Corp. (PAGCOR) chairman and CEO Alejandro Tengco said the gaming industry’s GGR went up by 33 percent to P285.27 billion in 2023, the highest record to date.

In 2022, gaming revenues reached P214.34 billion. Last year’s income is also four percent higher than the P273-billion target set by PAGCOR.

It is also 11 percent above the previous high of P256.49 billion generated in 2019, just before the COVID-19 outbreak that restricted movements and temporarily shut down gaming operations.

“Our 2023 results exceeded even our most optimistic projections, and it proves beyond doubt that the Philippine gaming industry has fully recovered and is now poised for sustained growth in the medium to long-term,” Tengco said.

“This is also solid proof of the industry’s adaptability and resilience, which translates to PAGCOR’s enhanced ability to fulfill its nation-building mandate,” he said.

Last year, PAGCOR banked on a favorable business environment, as well as its move to fine-tune regulatory policies to make the Philippines a more attractive gaming and entertainment hub.

Casinos are still the biggest contributors to the gaming industry’s revenue pie with P207.5 billion followed by the fast-rising electronic games sector with P58.16 billion.

PAGCOR-operated casinos under the Casino Filipino brand contributed P19.62 billion in 2023.

Read more: https://www.philstar.com/business/2024/01/16/2326035/gaming-revenues-beat-target-hit-record-p285-billion-2023