Gross gaming revenues (GGR) in the Philippine gaming industry are expected to return to pre-COVID-19 levels in 2023, according to Alejandro Tengco, Chairman and CEO of PAGCOR (Philippine Amusement and Gaming Corporation).
He thinks that the strength of the local market and the flood of first-time visitors will propel this expansion, even if the VIP gaming industry is now going through a recession.
At an industry gathering in Clark, one year into President Ferdinand Marcos Jr.’s tenure, Tengco said that GGR had recovered to levels almost identical to 2019, the year when PAGCOR hit an all-time high for Philippine GGR.
According to his projection, GGR in 2023 would be comparable to or maybe even greater than in 2019. He attributed this success to the entry of new and local players, who would counterbalance the exit of regular high rollers and junkets.
Tengco said that the construction of new integrated resort complexes in Clark and Manila would help the forthcoming growth of the licensed casino sector.
In addition, PAGCOR is working to improve its independently run Casino Filipino locations in preparation for its upcoming privatization. By January of the next year, he plans to add three thousand additional slots.
Over the next five years, a revenue-sharing arrangement is anticipated to bring in at least P18 billion (or around US$323 million). Additionally, in an attempt to attract more players and boost income, the organization is making improvements to its table games.
Related Article About: PAGCOR
Original story by: IAG
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