Philippine Gambling Industry Surpasses $1.24 Billion in Q3 2023

The gross gaming revenues of the Philippine gaming industry hit Php68.8 billion (US$1.24 billion) in the third quarter of 2023, marking a 20.1% increase from the same period in 2022, as well as a US$20 million increase from the second quarter of 2022. Inside Asian Gaming (IAG) reported that the revenues in the Q3 of 2023 were approximately 2% higher than the preceding quarter, indicating a gradual acceleration in the Philippine gaming industry towards the end of the year.

This growth was largely driven by major players such as the Clark casinos, with operator PAGCOR reporting that they generated Php8.89 billion (US$160 million) in gross gaming revenues in Q3 2023, representing a 13% increase from the previous quarter and a significant 45.8% increase from the same period in 2022. Clark contributed almost 13% to the total gross gaming revenues for the quarter, driving an overall 2% growth from the second quarter of 2023.

However, this growth was offset by a slight decline in GGR from licensed operators such as Entertainment City casinos, which ended the quarter at a level of Php42.7 billion (US$770 million). Despite the combined gross revenue level of Php51.9 billion (US$936 million) generated by all licensed casinos, it only represented a 0.4% increase from the preceding period.

On the other hand, casino facilities run by PAGCOR itself remained relatively flat, hitting a total of Php4.94 billion (US$89.1 million) in GGR, with bingo and electronic gaming contributing Php11.9 billion (US$215 million) to the overall figure. This marked an almost 11% increase from the previous quarter.

The strong Q3 2023 result of the Philippine gaming industry is in line with recent announcements by PAGCOR Chairman and CEO Alejandro Tengco, who stated that the revenues generated by the industry would exceed pre-pandemic levels. Overall, the industry seems to be on the path to recovery and growth, driven by both major players and the gradual return of revenues to pre-pandemic levels.