PAGCOR says Philippine GGR could reach $6.03 billion in 2024

The Philippine Gaming Authority’s chairman and CEO, Alejandro Tengco, projects that the nation’s gross gaming revenue (GGR), which includes non-casino operations, will reach PHP336.38 billion (US$6.03 billion) in 2024.

If the fourth-quarter data is confirmed, this projection would represent a 17.9 percent increase over the projected PHP285.27 billion for the whole year 2023, setting a new GGR record for the Philippine gaming industry.

In a Monday interview with the Manila Bulletin, Mr. Tengco, the president of the Philippine Amusement and Gaming Corp (Pagcor), stated this forecast. He pointed out that traditional forms of gaming via casinos with licenses in the business sector will be important, even if it is predicted that electronically transmitted gaming will earn PHP61.75 billion in revenue in 2024.

According to Mr. Tengco’s estimation, commercial venues located in Clark, Cebu, Rizal, and Poro Point, together with Entertainment City in Metro Manila, might potentially contribute “as much as PHP256.63 billion” towards the 2024 GDP.

According to Mr. Tengco, the GGR in 2023 will surpass the previous high set in 2019 at PHP256.49 billion, prior to the Covid-19 pandemic, by 11.2 percent. The next era saw a decline in gaming revenue as a result of arriving visitors and mobility restrictions brought on by health issues.

Mr. Tengco expressed hope for the revival of the Philippine gaming sector, noting that the 2023 results exceeded his hopes. The gaming industry received PHP207.48 billion in income in 2023 from integrated resorts, while PHP58.16 billion came from electronically delivered gaming.

Pagcor, the state-run corporation, anticipated a net operating income of PHP61.5 billion for the fiscal year.

Original story by: GGRAsia