Philippine gaming revenue hits $1.24 billion in Q1 2023

The Philippine gambling industry’s total gaming revenue soared to 68.9 billion rupees ($1.24 billion) in the first quarter of 2023, Inside Asian Gaming reported. The strong growth was reportedly driven by seven consecutive quarters of increase in transaction volume by licensed casino operators in the Philippines.

The source delivers the information released by PAGCOR, the national gaming regulator, on May 11. The regulator’s overview focuses on integrated resorts in Manila’s Entertainment City and Clark Freeport Zone, but excludes the PAGCOR properties presented separately.

Large Revenue Growth From Consolidated Resorts:

Still, the popular resorts generated 54.2 billion Pph ($973 million) in total gaming revenue in the first quarter of 2023, 80% year-over-year and 5.7% quarter-over-quarter.

Located in downtown Manila, the entertainment city complex is home to the City of Dreams Manila, Newport World Resort, Okada Manila, and Solare resorts. The properties grossed a total of $45.4 billion (US$815 million) in gaming sales in the quarter ended March 31. To prove the growing industry trend and maintain 69% year-over-year growth, the properties grossed a total of $454 billion (US815 million) in gaming sales in the quarter ended March 31.

Similarly, the Clark Freeport Casino complex generated revenue 175% higher than in the first quarter of last year, resulting in revenue of $8.29 billion ($149 million) and revenue of $421.6 million ($7.6 million) at Fiesta Resort alone.

PAGCOR has doubled last year’s figure:

Casinos operating under PAGCOR’s management generated $5.13 billion (US$92 million) in gaming gross sales in the first quarter, nearly double the $2.62 billion (US$47 million) they had in the first quarter of the prior year. In addition, the financial results achieved by these companies were $5 million (US$5.7%), higher than the $4.83 billion (US$87 million) level in the fourth quarter of 2022.

The industry totals $1.24 billion:

Total gaming revenue from integrated resorts in Manila Entertainment City, Clark Freeport Zone and PAGCOR properties brought $68.9 billion (roughly $1.24 billion) to the Philippine gaming industry in the first quarter of 2023, sources said. As we can see above, this is the industry’s seventh consecutive quarter of revenue growth and continues a trend that began in mid-2021.

The Philippine gaming industry has expanded since 2021, when pandemic-induced restrictions began to ease, allowing international arrivals. As Inside Asian Games recalled, those arrivals began in February 2022, after which the government decided to gradually halt all restrictions and resume all national capacity in April 2022.

BY: 안전놀이터

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