The head of Philippine Amusement and Gaming Corp. (Pagcor) said that the country’s gaming has fully recovered from the Covid-19 pandemic.
This is despite the fact that the country’s gross gambling profit (GGR) has exceeded two hundred billion pesos for two consecutive years.
Pagcor recorded a GNP of 285,270 million pesos in 2023, an increase of 33. 05% compared to the 214,330 million pesos it earned in 2022.
“Our effects for 2023 have exceeded even our maximum positive projections, and this proves beyond a doubt that the Philippine gaming industry has fully recovered and is now poised for sustained expansion in the medium to long term,” Alejandro Tengco, president and chief executive officer of Pagcor. in said in a statement posted online on Tuesday, Jan. 16, 2024.
Hotels incorporated in the country contributed the largest percentage to last year’s GNP, accounting for 72. 7 percent, or P207. 48 billion. A built-in hotel is a large-scale progression that combines a casino with other attractions, such as hotels, conference rooms, entertainment venues, theme parks, luxury grocery stores, and fine-dining restaurants.
It was followed by the electronic games sector with 20. 38 or 58. 16 billion pesos.
The casinos that Pagcor manages with the Casino Filipino logo were the ones that contributed the least to its GRR, with 6. 88% or 19. 62 billion pesos.
The accumulation of Pagcor’s GNP in 2023 made it so positive that it set its target for 2024 at 336. 38 billion pesos. For Tengco, this goal is achievable, especially with the planned opening of new resorts incorporated this year.
“We are projecting that our licensed casinos from the Entertainment City, Metro Manila, Clark, Cebu and the Fiesta Casinos in Rizal and Poro Point (in San Fernando City, Pampanga) will contribute as much as P256.63 billion to our 2024 GGR,” Tengco said.
Electronic Games
The electronic casinos, electronic bingo, sports betting and special games that make up the electronic gaming sector are expected to contribute 61,750 million pesos in 2024 and are expected to be the fastest growing sector in the coming years, according to Tengco. .
“We’re excited about the phenomenal expansion of e-gaming in the Philippines and that’s where Pagcor will bet,” Tengco said.
Before the Covid-19 pandemic arrived in 2020, Pagcor recorded a GDP of 256,490 million pesos in 2019.
Its GDP fell to 98. 79 billion pesos in 2020. GDP rose to 113. 09 billion pesos in 2021 before nearly doubling to 214. 33 billion pesos in 2022.
“The achievements of the past year are evidence of the adaptability and resilience of the local gaming industry, which is reflected in Pagcor’s increased ability to deliver on our nation-building mandates,” Tengco said.
A key metric used in gambling and businesses, GGR represents the difference between the amount of cash players wager minus the amount of cash they win. This is not the same as profit or profit, as it does not take into account the prices and expenses involved. in the operation of a gambling business.
Pagcor plans to privatize its forty-five casinos by the third quarter of 2025, a move that will turn the GOCC into a mere regulator and operator.
In Cebu, Pagcor has one branch in Cebu City, and five satellite offices combined in the cities of Cebu, Mandaue, Lapu-Lapu and Talisay.
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