Alejandro Tengco, CEO and President of the Philippine Amusement and Gaming Corporation (PAGCOR), made a bold prediction regarding the gross gaming income (GGR) of the Philippines for the year 2024. He estimated that the GGR for non-casino operations would reach an impressive PHP336.38 billion, which equates to around US$6.03 billion. This forecast would set a new record for the gaming industry in the Philippines, surpassing the previous projection of PHP285.27 billion for the entire year of 2023.
Tengco, who also oversees the publicly-owned Casino Filipino chain of gaming facilities, shared this forecast during an interview quoted by the Manila Bulletin news outlet on January 15. He noted that while electronic gaming is expected to generate PHP61.75 billion during the year, traditional formats through licensed casinos in commercial establishments across various regions would make up the bulk of the GGR, contributing approximately PHP256.63 billion to the total.
Looking back at the previous year, the GGR had already experienced an 11.2% increase compared to the former record set in 2019, prior to the onset of the COVID-19 pandemic. Tengco expressed confidence in the industry’s recovery, stating, “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.”
In addition to traditional casino formats, integrated resorts in the Philippines played a major role in generating income for the gaming industry, contributing PHP207.48 billion in 2023, while electronically delivered games brought in PHP58.16 billion.
Furthermore, in November, PAGCOR projected that its net operating revenue for 2024 would reach PHP61.5 billion. This forecast is backed by the fact that the gambling industry in the Philippines managed to generate US$1.24 billion in the third quarter of 2023, representing a 20.1% increase from the same quarter in 2022.
This quarter-on-quarter increase indicates that the Philippine gaming industry is gradually gaining traction and picking up speed as the year progresses. Overall, Tengco’s optimistic forecast points towards a promising period of sustained growth for the gaming industry in the Philippines.