Over the past weekend, Andrea Domingo Tengco, the head of the Philippine Amusement and Gaming Corporation (Pagcor), expressed optimism about the resurgence of the country’s gaming industry as travel and movement restrictions have been lifted.
The Philippines, like many other regions, faced stringent measures during the Covid-19 pandemic, including travel bans and the temporary shutdown of land-based facilities.
However, the removal of these restrictions has allowed the Philippine gambling sector to rebound.
Tengco revealed that the industry is now on the brink of reaching its 2019 levels, which marked a record-breaking year for Pagcor in terms of gaming revenue.
Just last week, Pagcor reported revenue of PHP 55.95 billion (£808.6 million/€933.2 million/$1.00 billion) for the first nine months of 2023, with the majority attributed to gaming operations, totaling PHP 51.66 billion.
Encouraged by these recent results, Tengco expressed confidence that if current trends persist, the Philippine gaming industry could achieve new records in gross gaming revenue (GGR) in 2023.
He remarked, “Today, we expect the 2023 GGR to match, if not surpass, our 2019 record.”
Tengco credited the resurgence to domestic players and an influx of new tourists who have filled the void left by traditional high rollers and junkets who have not fully returned.
Looking ahead, Tengco identified several factors that will contribute to the continued growth of the local market, including the opening of additional integrated resorts, particularly in the Clark Freeport Zone and Special Economic Zone.
Clark, a former US airbase transformed into a popular tourist destination, offers a diverse range of entertainment facilities and is projected to become a major gaming and tourism hub by the end of the decade.
Pagcor is actively pursuing modernization initiatives to boost revenue, with plans to introduce 3,000 new slot machines by January 2024.
Additionally, the agency is modernizing its table games to attract more players and generate higher revenues.
Moreover, Pagcor is set to enter the online gambling market with Casinofilipino.com, slated to launch in Q1 2024.
In a significant strategic shift, Pagcor is transitioning towards becoming a “purely regulatory” body, thereby privatizing its gambling operations.
This move is intended to level the playing field and facilitate future growth and viability among other operators.
Currently, Pagcor operates the Casino Filipino chain of casinos, with eight active properties across the Philippines.