The Philippine Amusement and Gaming Corp. (PAGCOR) has earmarked an additional PHP8 billion (US$141 million) for “nation-building” programs in the coming year, for total contributions of PHP56.2 billion (US$991 million).
In comments made November 2, PAGCOR Chairman and CEO Alejandro Tengco said the regulator will contribute “in a major way” to “the gaming industry’s complete recovery and return to growth that was halted by the pandemic.”
According to Inside Asian Gaming, the projections are based on the post-Covid rebound, an increasing demand for leisure and entertainment activities, free travel and the opening of several new properties—including Solaire North in Quezon City. Anticipating a robust 2024, PAGCOR has allotted PHP12.1 billion (US$213 million) for schools and community centers, among other projects. Half of its operating income—an estimated PHP37.5 billion (US$661 million)—will go to government coffers.
Through September, PAGCOR has recorded income of nearly PHP4.86 billion (US$17.9 million) for the first nine months of 2023, on revenues that rose by 32.4 percent year on year to PHP55.95 billion (more than US$1 billion).
“And so, one year into the term of President Ferdinand Marcos Jr., our gross gaming revenues (GGR) have returned to near the levels of 2019, which was the year PAGCOR achieved its all-time high for Philippine GGR levels,” Tengco said last week. “We expect the 2023 GGR to match, if not surpass, our 2019 record. Not bad considering that many of our traditional high rollers and junkets have not fully returned, but our domestic players and the influx of new tourists have filled the void.”
As reported by GGRAsia, PAGCOR will also collect a 5 percent franchise tax for the government, for an additional PHP3.95 billion (US$17.9 million). Tengco said the body will launch “new flagship socio-civic projects” in January, which would “prioritize poor and remote communities” in the country’s Visayas and Mindanao areas.
Moreover, the Manila Bulletin quoted Tengco as saying the addition of 3,000 new slot machines in January could help generate at least PHP18 billion (US$321.5 million) in new revenues over the next five years. PAGCOR is also modernizing its table game inventory to “attract more players and further increase revenues.” The regulator is also planning an online platform, Casinofilipino.com, which is expected to go live in the first quarter of 2024.
“Let us be inspired that we are truly part of nation-building,” Tengco said. “As government workers, we are duty-bound to serve our country, but as Filipinos, we are foremost called to help lay the foundations of a better nation.”
