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PAGCOR Boss Forecasts Record Year for Philippine Gaming Revenue
The chairman and CEO of the Philippine Amusement and Gaming Corp (PAGCOR), Alejandro Tengco, envisions the nation’s gross gaming revenue (GGR) for 2024, encompassing non-casino operations, to reach PHP336.38 billion, approximately US$6.03 billion.
If this materializes, it will establish a new record for the country’s gaming industry, showcasing a substantial increase of around 17.9% compared to the anticipated PHP285.27 billion (US$5.09 billion) for the full year 2023, awaiting confirmation with the release of fourth-quarter data.
Tengco, who heads PAGCOR, responsible for the publicly owned Casino Filipino establishments, shared this optimistic forecast for 2024 during a recent interview reported by the Manila Bulletin news outlet on Monday.
In outlining the gaming revenue landscape for 2024, the PAGCOR chairman highlighted the anticipated contribution of PHP61.75 billion (US$1.2 billion) from electronically delivered gaming.
Tengco also emphasized the leading role expected from traditional formats facilitated by licensed commercial-sector casinos.
According to Tengco, prominent gaming destinations such as Entertainment City in Metro Manila, along with commercial establishments in Clark, Cebu, Rizal and Poro Point, are projected to collectively contribute a substantial PHP256.63 billion (US$4.5 billion) to the GGR for 2024.
Looking back at the performance in 2023, the PAGCOR boss pointed out a noteworthy 11.2% increase in GGR compared to the previous record of PHP256.49 billion (US$4.56 billion) established in 2019, pre-dating the COVID-19 pandemic outbreak.
The chairman acknowledged that during the intervening period, gaming revenues experienced a decline, attributing it to public health-related restrictions affecting movement within the country and inbound tourism.
According to Tengco, the results for 2023 surpassed even the most optimistic projections, providing unequivocal evidence of the complete recovery of the Philippine gaming industry. He also expressed confidence in the industry’s outlook for sustained growth in the medium to long term.
The integrated resorts in the country emerged as the primary contributors to the gaming industry’s revenues in 2023, generating a substantial PHP207.48 billion (US$3.7 billion). Additionally, electronically delivered gaming played a significant role, contributing PHP58.16 billion (US$1.03 billion) to the overall revenue.
In a statement made in November, PAGCOR anticipated its net operating income to reach PHP61.5 billion (US$1.09 billion) for the year.
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