The CEO and President of the Philippine Amusement and Gaming Corporation (PAGCOR), Alejandro Tengco, has made a bold prediction for the gaming industry in the Philippines. According to Tengco, the gross gaming income (GGR) for non-casino operations in the country is expected to reach PHP336.38 billion, which is approximately US$6.03 billion. If this prediction comes to fruition, it would set a new record for the gaming industry in the Philippines, representing a 17.9% increase from the projected earnings in 2023.
Tengco, who also oversees the publicly-owned Casino Filipino chain of gaming facilities, made the forecast during an interview with the Manila Bulletin news outlet. He anticipates that electronic gaming will generate PHP61.75 billion in revenue, with traditional formats through licensed casinos in the commercial department leading the way. Additionally, commercial establishments in Rizal, Cebu, Poro Point, Clark, and Entertainment City in Metro Manila are expected to contribute as much as PHP256.63 billion to the total GGR for the year.
The previous year saw a GGR increase of 11.2% compared to the former record of PHP256.49 billion set in 2019, prior to the COVID-19 pandemic. Tengco expressed confidence in the industry’s recovery and sustained growth, stating, “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.”
Integrated resorts in the Philippines were the primary source of income for the gaming industry in 2023, bringing in PHP207.48 billion, while electronically delivered games earned PHP58.16 billion. Looking ahead, PAGCOR projects its net operating revenue to reach PHP61.5 billion in 2024.
Furthermore, in the third quarter of 2023, the gross gaming revenues of the Philippine gaming industry reached PHP68.8 billion (US$1.24 billion), marking a 20.1% increase compared to the same quarter in 2022. This increase shows that the Philippine gaming industry is gradually gaining momentum as the year progresses.
These optimistic predictions and results indicate a promising future for the gaming industry in the Philippines, signaling robust growth and recovery after the challenges posed by the COVID-19 pandemic.