Philippine Casino Sector Sees Growth in Gross Gaming Revenue
The Philippine casino industry has witnessed a continued growth trajectory, with the gross gaming revenue (GGR) reaching PHP56.85 billion (approximately US$1.03 billion) in the third quarter of 2023.
This figure represents a modest increase from the PHP56.61 billion reported in the preceding quarter and a significant 15.1 percent rise from the same period in the previous year.
Data Insights from Casino Regulator Pagcor
The Philippine Amusement and Gaming Corp (Pagcor), the country’s casino regulator, released this data on Thursday, highlighting the sector’s positive performance.
Notably, the reported GGR figure excludes revenue generated from bingo operations and electronic games parlours.
Commercial Casinos Leading the Way
A substantial part of this growth is attributed to commercial casinos licensed by Pagcor. Their GGR in the third quarter stood at just under PHP51.91 billion, marking an almost 16.0 percent increase from the PHP44.75 billion recorded in the same quarter of the previous year.
The commercial casinos in Clark experienced the largest year-on-year rise in quarterly GGR, boasting a 45.8 percent increase to just over PHP8.88 billion. This remarkable growth underscores the region’s growing prominence in the Philippine gaming sector.
Entertainment City Resorts Show Steady Growth
In Manila, the large-scale Entertainment City resorts recorded a GGR of PHP42.66 billion for the three months leading up to September 30, reflecting an 11.5 percent increase compared to the same period last year.
The GGR from gaming operations managed by Pagcor, including its Casino Filipino venues, totalled PHP4.94 billion in the third quarter, showing a 6.8 percent increase from the previous year.
Future Projections by Pagcor’s Chief
Alejandro Tengco, chairman and chief executive of Pagcor, stated in July that the agency is projecting the Philippine gaming sector to generate at least PHP272.74 billion in annual GGR for the full year 2023.
This forecast includes revenue from bingo operations and electronic games parlours, indicating optimistic prospects for the industry’s overall growth.
Our Comment on the Article
The Philippine casino sector’s performance in the third quarter of 2023 is a strong indicator of the industry’s resilience and potential for growth. With significant increases in GGR, particularly in commercial casinos and key areas like Clark and Entertainment City, the sector is showing robust health.
Alejandro Tengco’s projections for the full-year revenue reflect confidence in the continued expansion and prosperity of the Philippine gaming industry. This upward trend is not only beneficial for the casinos but also for the broader economy, potentially contributing to increased employment opportunities and economic development.
The sector’s ability to adapt and thrive, even in challenging times, underscores its importance as a key player in the Philippine entertainment and leisure industry.