Operator News
Philippines – PAGCOR targets industry growth of 14.2 per cent in 2023
By Phil - 30 March 2023
The Philippine Amusement and Gaming Corporation (PAGCOR) is optimistic that performance growth remains on the horizon in the Philippine casino sector as the agency aims for P244.84bn (US$4.5bn) industry gross gaming revenues (GGR) for 2023, which would require 14.23 per cent gprwth from 2022’s revenues.
In the 2023 Performance Scorecard submitted by PAGCOR to the Governance Commission for GOCCs (GCG), the forecasted GGR for this year is 33.13 per cent or P60.934 billion higher than the 2022 GGR target of P183.906bn. The GGR target is also P30.51bn or 14.23 per cent higher than the actual 2022 industry GGR of P214.33bn.
PAGCOR Chairman and CEO Alejandro H. Tengco said the state-run gaming firm’s increased GGR targets is fueled by the gaming industry’s robust performance in 2022, which has been largely attributed to the opening of Philippine borders to local and foreign tourists.
“Since the lockdowns were eased in the country late last year and gaming venues reopened, customer confidence slowly returned and the attendance in our owned casinos slowly improved. Our licensed casinos likewise recorded a major revenue growth,” he said.
Because of this, PAGCOR, for its part, targeted P68.49bn revenues from its gaming operations by the end of 2023. “This amount is 36.6 per cent increase from our P50.13bn target in 2022 and 24.41 per cent higher than our 2022 income from gaming,” Tengco explained. “We will ensure that our plans and programs for 2023 will be generally beneficial to our industries, putting foremost the interests of responsible gaming and of nation-building.”
Caption: PAGCOR Chairman and CEO Alejandro H. Tengco and GCG Chairperson Justice Alex L. Quiroz sign PAGCOR’s 2023 Performance Scorecard during their meeting held on March 28, 2023 in Makati City.
