Philippines Gaming Revenue Soars to ₱285bn in 2023, Predicts ₱336bn for 2024

In a surprising turn of events, the Philippines' gaming industry rebounded from the pandemic, smashing records with a GGR of ₱285 billion, marking an 11.2% increase from the previous high set in 2019. The pandemic had taken a toll on the industry, with GGR plummeting to an all-time low of ₱99 billion during the outbreak. However, Pagcor's Chairman and CEO, Alejandro Tengco, expressed confidence that this remarkable achievement signals the industry's full recovery and a promising path of sustained growth.

The Philippines' dynamic gaming market is positioned to overtake Singapore soon, emerging as a powerhouse in the ASEAN region. Expansion efforts are in full swing, with projects like Solaire North in Quezon City and NuStar in Cebu City contributing to the sector's growth. The Philippines stands out by allowing its citizens unrestricted access to casino gaming, attracting a diverse range of players, including Korean and Japanese tourists. Furthermore, the country boasts the only regulated online gaming market in Asia, with hints of expanded domestic play on the horizon.

The ASEAN region, with a collective GDP exceeding US$3.3 trillion and a population of over 660 million, is poised for impressive economic growth. Industry experts predict that it will outshine Japan in this decade, ranking just below the US, China, and the European Union in terms of economic power.

To further boost revenue, Pagcor has initiated a modernization program, which includes adding 3,000 new slot machines. A revenue-sharing scheme with suppliers is projected to generate an additional ₱18 billion over the next five years. Pagcor also plans to modernize its table games to attract new players and increase revenue. Additionally, they are set to launch Casinofilipino.com, an online gambling platform, in Q1 of 2024.

In a strategic move, Pagcor is transitioning away from gambling operations and shifting towards a purely regulatory role by 2025. This change is expected to level the playing field for other operators and foster future growth. While the transition may impact staff, Pagcor is actively working on plans to minimize job displacement, particularly for casinos that will be privatized.

The Philippines' gaming industry's triumphant resurgence in 2023 and its ambitious plans for the future indicate that it is well on its way to becoming a dominant force in the Asian gaming landscape.