Philippine Gaming Industry Hits Record High with Php 285.27 Billion in GGR for 2023
The Philippine Amusement and Gaming Corporation (PAGCOR) has announced a groundbreaking achievement in the country’s gaming industry, with gross gaming revenues (GGR) soaring to a historic Php285.27 billion in 2023.
This remarkable performance not only surpasses pre-pandemic levels but also sets a new record, exceeding the previous peak of Php256.49 billion in 2019.
A Remarkable Recovery
The success story of the Philippine gaming sector reflects a dramatic turnaround from the pandemic’s impact, which saw a significant decline in GGR to Php98.79 billion in 2020. The subsequent years marked a steady recovery, with GGR reaching Php113.09 billion in 2021 and nearly doubling to Php214.33 billion in 2022, leading to 2023’s unprecedented high.
Integrated resorts have played a pivotal role in this growth, contributing Php207.48 billion to the 2023 GGR. The Electronic Games sector followed closely, generating Php58.16 billion, demonstrating its rapid growth and potential. PAGCOR-operated casinos, under the Casino Filipino brand, also made a significant contribution of Php19.62 billion.
Looking ahead to 2024, PAGCOR anticipates an even more impressive GGR of Php336.38 billion, bolstered by the opening of new integrated resorts. The licensed casinos in key areas such as Entertainment City, Metro Manila, Clark, Cebu, and others are projected to contribute a substantial Php256.63 billion, while the E-Games sector, encompassing e-casinos, e-bingo, sports betting, and specialty games, is expected to bring in Php61.75 billion.
The E-Games sector is poised for rapid growth in the coming years, with PAGCOR placing a strategic focus on this area. Chairman Tengco expressed enthusiasm about the sector’s phenomenal growth, emphasizing PAGCOR’s commitment to further developing this segment.
Our Comment on the Article
The record-breaking performance of the Philippine gaming industry in 2023, spearheaded by PAGCOR, is a testament to the sector’s resilience and adaptability. This impressive recovery and projected future growth underscore the industry’s potential as a significant contributor to the nation’s economy.
The strategic focus on integrated resorts and the burgeoning E-Games sector indicates a forward-thinking approach, positioning the Philippines as a key player in the global gaming landscape. The continued investment and innovation in this sector are likely to drive further success, enhancing the Philippines’ reputation as a premier gaming destination.