Record Revenue for Philippines Gambling in 2023

The Philippines was severely affected by the Covid-19 epidemic, causing the GGR to drop to an all-time low of ₱99 billion.

Record Revenue for Philippines Gambling in 2023

The GGR for 2023 exceeded pre-pandemic levels, and the new revenue record was 11.2% greater than the peak from 2019. The Philippines was severely affected by the Covid-19 epidemic, causing the GGR to drop to an all-time low of ₱99 billion.

According to Pagcor, 2023's prosperity positions the Philippines to meet the ₱336 billion GGR target for 2024. This is mostly because several new integrated resorts are slated to debut. The Philippines already receives ₱207 billion in income from its current integrated resorts.

Alejandro Tengco, Pagcor chairman and chief executive, said: “Our 2023 results exceeded even our most optimistic projections and it proves beyond doubt that the Philippine gaming industry has fully recovered and is now poised for sustained growth in the medium- to long-term.

“Last year’s accomplishment is solid proof of the local gaming industry’s adaptability and resilience which translates to Pagcor’s enhanced ability to fulfil our nation-building mandates.”

The Philippines' gaming market is the most active in the Association of Southeast Asian Nations (ASEAN) area, hence it is expected to surpass Singapore very soon in terms of gross gaming revenue.

The gaming business in the Philippines is growing. In order to encircle Metro Manila, Bloomberry is also adding Solaire North in Quezon City, which will be followed by a resort in Cavite to the south. In 2022, NuStar in Cebu City debuted for business, including gambling and housing. Two more hotels are planned.

The Philippines is the only ASEAN nation where residents are free to partake in casino games, and locals have played a significant role in the industry's expansion. Travellers from Korea and Japan make up another market.