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Manila Bulletin devider Business devider Pagcor: Gaming revenues to exceed pre-pandemic by Dec.

Pagcor: Gaming revenues to exceed pre-pandemic by Dec.

Published Nov 6, 2023 12:44 am

At A Glance

  • The Philippine Amusement and Gaming Corp. (Pagcor) expects sustained growth in the local gaming industry due to higher demand for leisure, travel, and entertainment.<br>Ajejandro H. Tengco, Pagcor chairman and chief executive officer, said they are on track to surpass its pre-pandemic gross gaming revenues (GGR) by the end of this year.<br>Tengco said the lifting of travel and movement restrictions has fueled demand for dining, shopping, and other outdoor activities.<br>The opening of more integrated resorts, including those in Clark, Pampanga, will support the future growth of the local gaming industry, he added.<br>Pagcor's earnings surged by almost 40% to about P5 billion in the nine months to September.<br>Pagcor's net income jumped by 39.7% to P4.86 billion from January to September, surpassing the previous year's earnings.<br>Revenues of Pagcor increased by 32% to P51.66 billion, exceeding government expectations.<br>The revenue growth reflects the improved operational capacity of the gambling sector.

The Philippine Amusement and Gaming Corp. (Pagcor) expects that the local gaming industry will see further growth in the coming years, fueled by increased demand for leisure, travel, and entertainment.

In a statement, Ajejandro H. Tengco, Pagcor chairman and chief executive officer, said the gaming regulator and operator is poised to exceed its pre-pandemic gross gaming revenues (GGR) by the end of this year.

“Our gross gaming revenues have returned to near the levels of 2019 which was the year Pagcor achieved its all-time high for Philippine GGR levels,” Tengco said.

The Philippine GGR reached P260 billion before the Covid-19 pandemic hit in 2020.

“Today, we expect the 2023 GGR to match, if not surpass, our 2019 record,” Tengco said.

“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.

From January to September, Pagcor’s earning surged by nearly 40 percent to P5 billion due to improved operational capacity of the  gambling sector.

Based on the latest data from Pagcor, its net income increased 39.7 percent to P4.86 billion, surpassing the P3.48 billion generated in the same period last year. 

This end-third quarter income represents a significant leap from the initial target of P766.3 million for the nine-month period.

Pagcor’s revenues also posted a notable growth of 32 percent, reaching P51.66 billion compared to last year's P39.17 billion. 

These revenues encompassed service and business income derived from gaming operations and other sources. 

The revenue figures exceeded the government's expectation of at least P50.69 billion by 10 percent.

Related Tags

Pagcor chair and CEO gross gaming revenue Alejandro H. Tengco Philippine Amusement and Gaming Corp.
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