Reports PHILIPPINES MARKET REPORT PAGCOR CASINOS
PAGCOR regulates all games of chance and also issues licences to all gaming operations in the Philippines except for the lottery, sweepstakes, and horse racing. It is a 100 per cent government owned corporation set up in 1977 by President Ferdinand Marcos to control the casino market and stamp out illegal operations.
Te company operates under the PAGCOR Charter law and it was given a three-pronged mandate: To regulate, operate, authorise, and licence games of chances, games of cards, number games and casino gaming; to generate revenues for the government’s national development programmes and to help promote tourism in the country.
PAGCOR’s own operations called Casino Filipino include 10 casino branches in major cities - Metro Manila, Luzon and Visayas and Mindanao. In addition, PAGCOR also operates 35 satellite casinos mostly in hotels in the same areas.
Te company reported a sluggish few years due to the ripple effect of Covid but the Philippine
gaming industry’s GGR was PhP214.3bn (US$3.7bn) in 2022 – up almost 90 per cent from 2021 figures (PhP113bn) when travel restrictions and community lockdowns were once again put into place. As a comparison in 2019 industry GGR was PhP256.49bn (US$4.5bn). PAGCOR saw a 66 per cent year on year rise in revenues from PhP35.48bn in 2021 to almost PhP59bn in 2022. In 2019 this figure was almost at PhP82bn. Net income in 2022 was at PhP4.44bn.
Te first nine months of 2023 PAGCOR revenues reached PhP55.95bn and the company is anticipating end of year revenues to top 2019 levels. PAGCOR expects that by 2028 the gaming industry will generate US$12.5bn and as such become the leading authority in the ASEAN region.
Chairman and CEO of PAGCOR, Alejandro Tengco, said in the 2022 annual report: “Te reopening of onsite gaming facilities invigorated the industry in 2022 as changes in Philippine gaming landscape occurred including the opening of casino resorts in Manila and Cebu City and the outlawing of electronic sabong.
“Te start of operations of Winford Resort and Casino Manila in
Sta.Cruz, Manila in October 2022 and Nustar Resort and Casino in Cebu City in May 2022 evidently contributed to GGR performance.
“Other major contributors were licensed casinos in Entertainment City, Clark Special Economic Zone, Fiesta Properties in Rizal and La Union and the Greenfield Zone with together generated PhP168.21bn GGR or 78.48 per cent of the entire Philippine gaming industry and 90 per cent higher than 2021.
From the increased transactions on the gaming floors, PAGCOR also collected PhP26.18bn in licence fees – an 88.85 per cent improvement on 2021.
“Meanwhile, GGR of PAGCOR owned and operated gaming operations totalled PhP15.88bn which is PhP7.69bn higher than 2021. Other contributors to the country’s remarkable performance in 2022 were its licensed electronic games, bingo operations and electronic sabong that generated PhP30.24bn GGR – which is higher by 14 per cent than the year prior.”
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