GGR in Philippine Casinos Reaches $1.24 billion in Q1 2023

May 15, 2023 Philippines Earnings & Filings

In the three months ending March 31, the Philippine casino industry generated gross gaming revenue (GGR) of PHP59.26 billion ($1.06 billion), an increase of 80.9 percent from the same time last year. The total increased by 5.8% sequentially.

According to information made public on Thursday by the Philippine Amusement and Gaming Corp (Pagcor), which oversees casinos in the nation.

The casino’s gross gaming revenue (GGR) does not include earnings from bingo halls or gaming arcades.

In the first quarter, the private casino resorts in Manila’s Entertainment City generated around 76.7 percent of the total industry GGR, or PHP45.44 billion. The number increased 69.0 percent year over year and 3.1% sequentially.

In the first three months of this year, the collection of commercial casinos in the Clark Freeport Zone, located on the nation’s largest island, Luzon, generated PHP8.29 billion GGR, a rise of 175.1 and 22.2% from the same period last year.

In the three months leading up to March 31 in casinos run by Pagcor, total revenue (excluding in-house bingo) increased by 96.2 percent from the same period last year to PHP5.10 billion. It increased by 6.2 percent from the same period in 2022.

Beginning in March 2022, Philippine authorities began to loosen COVID-19-related prohibitions. Metro Manila was placed on “alert level 1” as of March 1 of that year, the lowest level of countermeasure against Covid-19, allowing businesses to work at full capacity.

State-run Pagcor declared net income of about PHP1.34 billion for the first quarter of 2023 two weeks ago. In the same quarter the previous year, net income was roughly PHP624.7 million.

Total income for Pagcor increased 42.6 percent from the previous year to PHP17.71 billion. In the first three months of 2023, gaming revenue surged by 49.4% year over year to slightly over PHP16.88 billion.

In the entire year 2022, the Philippine casino industry generated GGR of slightly over PHP184.00 billion, an increase of 90.6 percent from 2021.