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PAGCOR reports record revenues for Philippines

March 21, 2023 Philippines Earnings & Filings

The Philippines Amusement Gaming Corporation (PAGCOR) announced that gambling revenues for casinos during Q4 reached a record of PHP 51.2 billion (US $925.26 million), an increase of 94.5 percent year on year (YoY).

There are a number of established high-profile casinos that operate in the country including Entertainment City – Solaire, Okada Manila, City of Dreams Manila and Newport World Resorts. The properties saw an 85 percent yearly increase in revenues in the 4th quarter 2022 to PHP 44.05 billion (US $796.56 million). Other casinos in Clarke declared gross gaming revenues (GGR) of PHP6.77 billion (US $122.53 million). This is an increase of 195 percent YoY. Casinos at Fiesta reported revenues of PHP 210.06 million (US $3.79 million), again indicating a significant increase for Q4 of more 76 percent YoY.

“Since the lockdowns were eased in the country last year and gaming venues reopened, customer confidence slowly returned and the attendance in our owned casinos slowly improved. Our licensed casinos likewise recorded a major revenue growth,” – Alejandro Tengco, Chairman and CEO, PAGCOR

The total income for 2022 was reported at record-breaking PHP 58.96 billion (US $1.06 billion) in total income which is an increase of 66 percent YoY of which PHP 55.05 billion (US $994.98 million) which is 68 percent came from gaming operations.

Poker and in-house bingo
Gaming revenues reported by PAGCOR included a marked increase of 116 percent for poker and in-house bingo YoY to PHP 4.82 billion (US $87.15 million) for Q4. A breakdown of this indicated that nearly half the revenues reported came from slot machines at PHP 2.33 billion (US $42.3 million). Table games at PAGCOR operated venues reported GGR of PHP 1.79 billion (US $32.43 million). VIP table games brought in PHP 650.67 million (US $11.76 million) with revenues reported at PHP 271,927 (US $4,900).

The Philippine and Amusement Gaming Corporation is the gaming and watchdog operator in the Phillipines. It is wholly owned and controlled by the government of the Republic of the Philippines. PAGCOR’s mandate is to regulate and licence land-based and online gaming in the Philippines.

PAGCOR’s chairman and CEO, Alejandro Tengco, said that PAGCOR’s outstanding performance has been an “upward revenue trend since the first quarter of 2022 up to the end of the year, as well as the recovery path of other gaming hubs in Asia like Singapore and Macau, we are confident that the Philippine gaming sector will be able to fully recover, or even surpass its pre-pandemic earnings soon.”

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