Philippine casino revenues seen growing 14% to P245B

MANILA  -Gross revenues of the Philippine gaming industry is primed for a 14-percent growth in 2023 thanks to the mounting benefit from the lifting of restrictions on local and foreign tourism, according to Philippine Amusement and Gaming Corp. (Pagcor).

The industry regulator, itself an operator of casinos, expects the industrywide top line at P244.8 billion this year, which is P30.5 billion higher than the P214.3 billion recorded last year.

Of the aggregate revenues, Pagcor’s alone is penciled in at P68.5 billion or 24 percent higher than the P50.1 billion that the agency earned from its casinos in 2022.

“Since the lockdowns were eased in the country late last year and gaming venues reopened, customer confidence slowly returned and the attendance in our owned casinos slowly improved,” Pagcor chair and chief executive Alejandro Tengco said in a statement.

“[Pagcor-licensed] casinos likewise recorded a major revenue growth,” Tengco added.

He said that in order to achieve this year’s revenue targets, Pagcor will make efforts to improve both its regulatory functions as well as its own business operations.