Philippine Gross Gaming Revenue Grew by 91 Percent in 2022 Over the Previous Year
After decreasing in gross gaming revenue (GGR) due to the world pandemic, the gambling industry in the Philippines is confidently recovering. The casino sector generated PHP184 billion (US$3.34 billion) in profit during the last 2022, which is 90.6% higher than the market value for 2021, with PHP96.55 billion (US$1.75 billion) in total. The described figures include GGR from the Philippine Amusement and Gaming Corporation (PAGCOR) operated table games, slot machines, Junkets, in-house Bingo, poker (online/offline), and licensed casinos, like the Entertainment City in Manila, Fiesta, and Clark.
Gross gaming revenue boosted in Q4 2022
The last three months of 2022 brought around 30% of the overall casino industry GGR and amounted to almost PHP56.01 billion (US$1.02 billion). This level was 13.5% higher than the profit earned by Philippine gambling establishments from July 1 to September 30 and exceeded Q4 share in 2021 by over 96%.
As for PAGCOR-operated casinos, their accumulated revenue reached PHP4.80 billion, outperforming the Q3 figure of 4.3%. The non-VIP table games with a PHP1.79 billion profit in Q4 beat the third quarter value by 1.1%.
While other gambling entertainments were more profitable, mass-market slots fell by 1.2% in Q4 compared to the previous three months revenue of PHP2.367 billion.
Contribution of licensed casinos and PAGCOR-regulated facilities
Around 91% (PHP168.215 billion) of the annual gaming revenue in the Philippines is produced by law-regulated establishments. Thus, Manila’s Entertainment City participated in generating gross revenue of PHP146.209 billion in 2022. And its profit of PHP44.06 billion earned from October 1 to December 31 represented around 77.87% of the entire Q4 GGR. The casino operated 15.2% more successfully than in the preceding third period.
Clark Freeport Zone facilities generated PHP20.65 billion in 2022, and each quarter of the last year brought more share than the previous one, ending in PHP6.779 billion in the last 3 months.
Fiesta casino GGR fell by more than 8% (from PHP0.404 billion to PHP0.369 billion) in Q4 but still brought PHP1.370 billion to the 2022 gross revenue.
The total earnings of PAGCOR-operated games amounted to PHP15.88 billion. Table games and slot machines added PHP5.698 billion and PHP8.467 billion to the mentioned figure accordingly.
Other licensees gaming profitability in 2022
The annual profit from bets on bingo operations, e-games, and electronic sabong (wagering on cock-fighting online) was not included in the amount of PHP184 billion. Still, it’s worth emphasizing that these licensees brought GGR of PHP30.242 billion, which is almost twice higher than the achievements of the previous year.
Rapidly growing iGaming tendency: the main reason
PAGCOR states huge improvements in gambling industry performance is caused by the relaxation of government restrictions previously established due to the COVID-19 pandemic. When Filipino borders were finally opened to foreign tourists and brick-and-mortar casinos renewed their offline activities, the demand for iGaming entertainment rapidly increased. Loyal customers gradually become more confident and return to gambling leisure.
Alejandro Tengco, the PAGCOR chairperson and chief executive, said that watching the positive dynamics in gross revenue from the beginning of 2022 till the fourth quarter, they can expect a full recovery of the Philippine casino sector. Moreover, the growing tendency raises hopes that iGaming in the country will be able to surpass pre-pandemic revenue levels.
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