Alejandro Tengco, chairman and CEO of the Philippine Amusement and Gaming Corp. (PAGCOR) is confident about the growth of the nation’s gaming industry.
Tengco predicts that gross gaming revenue (GGR) for 2024 will reach PHP336.38 billion (US$6.03 billion), up almost 18 percent over projected revenues for 2023, and an all-time high. The figure includes non-gaming casino revenues, according to GGRAsia.
In an interview cited by the Manila Bulletin, Tengco said iGaming could contribute PHP61.75 billion to the total this year, but bricks-and-mortar properties will be out in front, “contributing as much as PHP256.63 billion (US$4.6 billion) to our 2024 GGR.” The integrated resorts of Entertainment City in Metro Manila are expected to kick in PHP207.48 billion (US$17.9 billion), with iGaming adding about PHP58.16 billion (US$1.041 billion).
Total GGR for the year would beat the previous high of PHP256.49 billion, set in the 2019 pre-Covid year, by 11.2 percent.
“Our 2023 results exceeded even our most optimistic projections,” Tengco said, “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 November, the state-run gaming regulator said it expects its net operating income to reach PHP61.5 billion (US$1.1 billion) for the year.
