The Philippine Amusement and Gaming Corp. (Pagcor) reported that gross gaming revenues (GGR) in the country exceeded pre-pandemic levels in the first nine months of the year.
From January to September, total GGR reached P205.15 billion, an 8.4% increase from the same period in 2019. End-September GGR surpassed 2022 revenues by 38%.
In the third quarter alone, total GGR rose by 20% to P68.79 billion compared to the previous year.
Alejandro H. Tengco, Pagcor chairman and CEO, stated that the local gaming industry is expected to exceed its pre-pandemic GGR by the end of the year.
Before the pandemic, Philippine GGR amounted to P256.5 billion.
Tengco expressed optimism that the 2023 GGR could match or surpass the 2019 record, despite the absence of some traditional high rollers and junkets.
Domestic players and new tourists have helped fill the void left by the absence of traditional high rollers and junkets.
Local gaming revenues exceed pre-pandemic levels
From January to September 2023
At a glance
The Philippine Amusement and Gaming Corp. (Pagcor) reported that the gross gaming revenues (GGR) from gambling operations in the country have exceeded their pre-pandemic levels in the first nine-months of the year.
From January to September this year, the country's total GGR reached P205.15 billion, an 8.4 percent increase compared to the P189.19 billion recorded in the same period in 2019, prior to the onset of the Covid-19 pandemic in 2020.
The Pagcor data revealed that the end-September GGR also exceeded the P149 billion revenues recorded in the same period in 2022 by 38 percent.
In the third quarter alone, total GGR rose by 20 percent to P68.79 billion from P57.27 billion the previous year. This figure was also above the P65.38 billion in revenues posted before the pandemic.
Ajejandro H. Tengco, Pagcor chairman and chief executive officer, said last November that the local gaming industry was poised to exceed its pre-pandemic GGR by the end of this year.
The Philippine GGR amounted P256.5 billion before the Covid-19 pandemic hit.
“Today, we expect the 2023 GGR to match, if not surpass, our 2019 record,” Tengco said in November.
“Not bad considering that many of our traditional high rollers and junkets have not fully returned, but our domestic players and the influx of new tourists have filled the void,” he added.
Tengco said the easing of travel and movement restrictions has led to increased demand for dining, shopping, and other outdoor activities that were restricted during the pandemic.
In addition, the Pagcor chief emphasized that the opening of more integrated resorts, particularly in Clark, Pampanga, would contribute to the continued growth of the local gaming industry.
“Clark is projected to become a major gaming and tourism hub before the end of this decade. If you go around Clark, you can see its immense potential,” Tengco said.
“You can see the infrastructure in place, you can see the surrounding tourist destinations, and you can see the new buildings and new commercial districts being developed in all directions,” he added.