In 2023, the Philippines’ Gross Gaming Revenue (GGR) reached levels higher than pre-pandemic with a new revenue record that was 11.2% higher than the previous high in 2019.
Despite the impact of the Covid-19 pandemic, which led to a drastic drop in GGR to an all-time low of ₱99bn, the Philippines has seen a remarkable recovery. Pagcor, the country’s gaming regulator, believes that this success sets the stage for the projected ₱336bn GGR in 2024, mainly due to the opening of new integrated resorts. The existing integrated resorts already contribute ₱207bn to the country’s revenue.
Alejandro Tengco, Pagcor chairman and chief executive, expressed confidence in the Philippine gaming industry’s adaptability and resilience, stating that the industry is poised for sustained growth in the medium- to long-term, fulfilling Pagcor’s national mandates.
In terms of GGR, the Philippines is expected to surpass Singapore, making it the leading Asian casino market in the Association of Southeast Asian Nations (ASEAN) region. The Philippines’ dynamic gaming market, expansion in the industry, and the absence of entry restrictions for local players have contributed to its growth. The country also holds the distinction of having the only regulated online gaming market in Asia.
Pagcor is implementing a modernization program to increase revenue, including the introduction of 3,000 new slot machines, a revenue-sharing scheme with a supplier, and the modernization of table games. The regulator is also preparing to launch an online platform, Casinofilipino.com, in the first quarter of 2024.
Pagcor’s future plans involve transitioning to a purely regulatory role by 2025. This move is expected to open up opportunities for other operators by privatizing Pagcor’s gambling operations.
In terms of economic power, the ASEAN region, with its total population of over 660 million and a collective GDP exceeding US$3.3tn, is projected to surpass Japan within this decade. The region’s economies experienced growth of 5.2% in 2022.
