Philippines Celebrates Pre-Pandemic Gambling Revenues in 2023

Thanks to the concerted efforts of the Philippine Amusement and Gaming Corporation (PAGCOR) and the pro-gambling government of President Ferdinand Marcos Jr, the iGaming sector has become an integral part of supporting underfunded grassroots programs and community development in the Philippines.

While it is fair to say the gambling industry is in its infancy, the constant updates, rigorous reviews, and commitment to ensuring player safety while encouraging business growth make it arguably one of the best new casino jurisdictions in the world.

   Celebrating Their Successes

Speaking at the RGB Connect Gala Night at Hilton Clark Sun Valley Resort in Pampanga last week, PAGCOR Chairman Alejandro H. Tengco said:

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“… our gross gaming revenues have returned to near the levels of 2019, which was the year PAGCOR achieved its all-time high for Philippine GGR levels.”

Adding:

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“Today, we expect the 2023 GGR [gross gaming revenue] to match, if not surpass, our 2019 record. Not bad considering that many of our traditional high rollers and junkets have not fully returned.”

The current success of the Filipin gambling market, he clarified, is due to the support of the local gambling community and an influx of international visitors thanks to the “lifting of travel and movement restrictions”.

Once junkets are back in full swing, high rollers return, and the online casino sector gains momentum, the regulator is optimistic that the country will see record-breaking revenues.

 Not Resting on Their Laurels

There has been resistance from local politicians to the operation of offshore gambling operators (POGO) in the region, with a vocal group of MPs calling for them to be banned and the licensing reviewed from the ground up.

According to reports, the POGO sector brings in less than 1% of the Philippines GDP, while its locally run land-based casinos are proving incredibly profitable. Naturally, this has led the gambling commission to focus their efforts where the value lies.

Speaking on PAGCOR's plans for the expansion of brick-and-mortar gambling venues, Tengco said:

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“We expect the delivery of 3,000 brand new slot machines by January next year. We have an agreement in place with a supplier for a revenue-sharing scheme for these new machines, which we expect to generate at least P18 billion [€300 million] in revenues in the next five years.”

The land-based casino upgrades continue, as Tengco added that there are plans to replace many of the existing table games with modernised versions to attract more players and increase revenues.

They will also develop a national online casino platform to participate in the "very lucrative and very profitable online market”.