PAGCOR Phillipine casino license

PAGCOR Online Casinos Doubles Gross Gambling Revenue, Almost Reaching $1 Billion

In the Philippines, licensed casinos experienced a significant boost in revenue during the fourth quarter, generating PHP51.2 billion ($925.26 million), as revealed in the latest report by the country’s gambling regulator and operator, PAGCOR. The licensed casinos include the ones operating in Entertainment City – Okada Manila, Solaire, City of Dreams Manila, and Newport World Resorts. These casinos reported a yearly surge of 85% in revenue, crossing PHP44.05 billion ($796.56 million) in the 4Q22.

The licensed casinos situated in Clark, on the other hand, had a GGR of PHP6.77 billion ($122.53 million) during the quarter, up by 195% annually. Likewise, Fiesta’s casinos saw an annual 76% rise in revenue, bringing in PHP210.06 million ($3.79 million) in the 4Q22.

PAGCOR operated gambling revenues, including in-house bingo and poker, witnessed an annual increase of 116%, making PHP4.82 billion ($87.15 million) during the quarter. Nearly half of the earnings came from slot machines, amounting to PHP2.33 billion ($42.3 million). Table games in PAGCOR-operated venues contributed GGR of PHP1.79 billion ($32.43 million), whereas VIP slot machine revenue was negative PHP271,927 ($4,900), and VIP table games brought in PHP650.67 million ($11.76 million).

The GGR’s fourth-quarter contribution allowed PAGCOR to record a total income of PHP58.96 billion ($1.06 billion) in 2022, up by 66% annually, with gambling operations contributing PHP55.05 billion ($994.98 million), a 68% yearly increase.

PAGCOR’s CEO and Chairman, Alejandro Tengco, expressed his positive outlook for the gambling industry’s continued upward trend in the coming years. He noted that “Following the lifting of lockdowns in the country last year and the reopening of gambling venues, customer confidence gradually returned, and attendance at owned casinos saw a slow but steady improvement. In addition, licensed casinos experienced a significant surge in revenue growth, reflecting the continued upward trend of the gambling industry.” Tengco further stated that the Philippine gambling industry would recover fully, or even surpass its pre-pandemic earnings soon, considering the upward revenue trend of PAGCOR and other gambling hubs in Asia like Singapore and Macau.