The Philippine Amusement and Gaming Corporation, PAGCOR, the Philippine gaming regulator, publicly announced a 68.7% increase in revenue from gaming operations to Php 55.1 billion, which is approximately 1.0 billion US dollars, in 2022. The increase came as the country reopened its borders and slowly alleviated COVID-19 restrictions in Metro Manila, the location of an important commercial casino market called Entertainment City, over the course of the year.
A strong finish to the year:
Gaming revenue for all of 2022 was up significantly from Php 32.6 billion, which is approximately US$597 million, in 2021. It was also 2.4% more than the budget approved for the year by the Department of Budget and Management.
According to a report released on Monday, January 30, PAGCOR experienced a significant increase in revenue with gaming revenue in 4Q12, climbing 9.3% throughout the September quarter to Php 15.9 billion, which is approximately 291 million US dollars.
Last year’s total revenue, involving non-gaming and other service profit, was Php 59.0 billion, which is approximately 1.08 billion US dollars, while net profit, after subtracting tax and basic contributions, was Php 4.45 billion, which is approximately 82 million US dollars, which is much better than the 2.000% growth from the Php 203.6 million, which is approximately 3.73 million US dollars, in gaming revenue reported in 2021.
Looking at the 2021 result, there was an 86.9% annual decrease in net income due to travel reductions and other COVID-19 measures.
However, while net income for 2022 rose significantly, it was still only half of the Php 9.01 billion revenue reported in 2019, before the pandemic officially began in early 2020, according to official figures.
The Philippine regulator’s 2022 spending rose 61.4% annually to Php 22.59 billion. Throughout the year, the regulator also had to take away just under Php 31.65 billion in subsidies, financial assistance and other benefits for the government.
Removing the COVID-19 measures brings more profit:
Philippines reopened its border to global visitors in February 2022. What followed was gradual alleviation of capacity restrictions in March and the end of all lockdowns in April, when the people elected Ferdinand Marcos Jr as president, who ordered the complete removal of masks in early November.
Moreover, the Philippine Department of Tourism (DOT) recently announced that it aims is to lure nearly 5 million foreign tourists in 2023 and almost double the number of 2.6 million tourists who visited last year.
Headquartered in the Philippines, PAGCOR, has a dual role in the Philippine iGaming industry, as the operator of public casinos and as the regulator for the Philippine iGaming industry, which involves private facilities.
The regulator has its own brand called “Casino Filipino.”