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Philippine Gaming Industry Surges To New Heights With Record-Breaking Revenues In 2023
- By The Financial District
- Jan 15, 2024
- 2 min read
In a resounding testament to its resilience and adaptability, the Philippine gaming industry has shattered expectations by achieving a record-breaking gross gaming revenue (GGR) of Php285.27 billion in 2023, as announced by the Philippine Amusement and Gaming Corporation (PAGCOR).
Breaking Boundaries: The Philippine gaming industry achieves a record-breaking gross gaming revenue of Php285.27 billion in 2023, signaling a resilient comeback and setting the stage for unprecedented growth. Chairman Tengco anticipates a booming E-Games sector, making it the focal point of PAGCOR's future endeavors. | Photo: PAGCOR Facebook
This remarkable figure not only surpasses pre-pandemic levels but also sets the stage for sustained growth in the years to come.
PAGCOR Chairman and CEO, Alejandro H. Tengco, expressed his satisfaction with the outstanding results, emphasizing that the 11.22% increase over the previous high of Php256.49 billion in 2019 demonstrates the industry's full recovery from the challenges posed by the COVID-19 pandemic.
"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," Chairman Tengco remarked.
The 2023 GGR is a significant leap from the industry's all-time low of Php98.79 billion in 2020. Following a slight recovery to Php113.09 billion in 2021, the industry nearly doubled its revenue to Php214.33 billion in 2022, setting the stage for the unprecedented achievement in 2023.
Integrated resorts continue to be the major contributors to the industry's revenue pie, contributing a substantial Php207.48 billion in 2023. PAGCOR-operated casinos under the Casino Filipino brand also played a role, contributing Php19.62 billion to the overall revenue.
Looking ahead, Chairman Tengco outlined ambitious projections for 2024, with the expectation that the gaming industry could reach a staggering Php336.38 billion.
The opening of new integrated resorts throughout the year is anticipated to fuel this growth.
However, the real surprise lies in the exponential growth of the Electronic Games or E-Games sector, which posted an impressive Php58.16 billion in 2023, making it the second-largest contributor to the GGR.
Chairman Tengco highlighted the sector's potential, stating, "We are really excited about the phenomenal growth of E-Games in the Philippines, and this is where PAGCOR will be betting."
The E-Games sector, comprising e-casinos, e-bingo, sports betting, and specialty games, is projected to contribute Php61.75 billion in 2024, marking it as the fastest-growing sector in the coming years.
Chairman Tengco's optimism for the future is grounded in the industry's ability to adapt and the anticipated contributions from licensed casinos across various locations in the Philippines.
As the Philippine gaming industry continues to break records and diversify its revenue streams, it stands as a beacon of success, showcasing not only recovery but also robust growth in the face of challenges.
