2023 gaming sales post record P285B
New GGR record is 11.22 percent higher than the previous high of P256.49 billion set in 2019 before the Covid-19 pandemic outbreak in 2020 when gaming revenues fell steeply because of movement restrictions
Daily TribuneNew GGR record is 11.22 percent higher than the previous high of P256.49 billion set in 2019 before the Covid-19 pandemic outbreak in 2020 when gaming revenues fell steeply because of movement restrictions
Gaming regulator Philippine Amusement and Gaming Corp., or PAGCOR, reported the country’s gross gaming revenues, or GGR, in 2023 reached a record P285.27 billion, breaching pre-pandemic levels and paving the way for more robust growth in the coming years.
PAGCOR chairman and CEO Alejandro Tengco said the new GGR record is 11.22 percent higher than the previous high of P256.49 billion set in 2019 before the Covid-19 pandemic outbreak in 2020 when gaming revenues fell steeply because of movement restrictions.
“Our 2023 results exceeded even our most optimistic projections, and it proves beyond doubt that the Philippine gaming industry has fully recovered and is now poised for sustained growth in the medium- to long-term,” Tengco said.
The latest numbers also make the Philippine GGR projection of P336.38 billion for 2024 more achievable, especially with the scheduled opening of new integrated resorts this year, according to the PAGCOR chief.
Risen from crisis
Tengco said the industry posted an all-time GGR low of P98.79 billion at the height of the pandemic in 2020. The following year, however, GGR slightly climbed to P113.09 billion before nearly doubling to P214.33 billion in 2022, setting the stage for this year’s record-setting haul.
“Last year’s accomplishment is solid proof of the local gaming industry’s adaptability and resilience which translates to PAGCOR’s enhanced ability to fulfill our nation-building mandates,” he said.
Tengco said the country’s integrated resorts are still the biggest contributors to the gaming industry’s revenue pie with a P207.48 billion take in 2023 followed by the fast rising electronic games sector with P58.16 billion.
PAGCOR-operated casinos under the Casino Filipino brand contributed P19.62 billion to the 2023 numbers.
