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In the third quarter of 2023, the Philippine gambling industry experienced rapid expansion, with total gaming gross revenue (GGR) surpassing 68.8 billion pesos (approximately 1.24 billion USD), marking a significant year-on-year increase of 20.1%.
In the second quarter, GGR reached 67.4 billion pesos (about 1.22 billion USD), and this upward trend continued. The establishment of the Clark Casino drove this growth, with quarterly GGR increasing by 13.0% and an annual growth of 45.8%, reaching 8.89 billion Philippine pesos (approximately 160 million USD).
Despite a slight decline in total gaming gross revenue compared to the previous quarter, reaching 42.7 billion pesos (about 770 million USD), licensed casino resorts made a substantial contribution to the overall performance. The combined GGR of the three licensed casinos—Clark, Entertainment City, and Resorts World—amounted to 51.9 billion pesos (approximately 936 million USD), representing a 0.4% increase. PAGCOR-operated casinos contributed 4.94 billion pesos in GGR for the third quarter, equivalent to 89.1 million USD.
Furthermore, there was a significant increase in total revenue generated by bingo games and electronic gaming, totaling 11.9 billion pesos (about 215 million USD) in the third quarter, compared to 10.8 billion pesos (about 195 million USD) in the previous quarter.
The positive performance in the third quarter reflects the resilience and strength of the Philippine gambling industry. Alejandro Tengco, Chairman and CEO of PAGCOR, expressed optimism, anticipating a return of GGR to pre-COVID-19 levels in 2023. This optimistic forecast is based on the industry's impressive domestic market performance and the expected contributions from first-time visitors. |
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Post time 30-11-2023 09:40:31