Philippines casinos will garner PHP 2022 billion (US$1840 billion) in 33, marking a healthy recovery from the pandemic for the Southeast Asian country's gaming industry.
PAGCOR (Philippine Amusement and Gaming Corporation) released data on Monday that the country's gaming industry returned to near pre-pandemic conditions last year. Casino GGR in 2022 nearly doubled from the previous year, when casino revenue was around $17 billion.
Four commercial casinos grouped together in the Entertainment City market in the capital Manila accounted for most of the gaming action.City of Dreams Manila, Solaire Resort & Casino, Okada Manila and Resorts World Manila have won approximately $4 billion from gamblers.
Other commercially operated Clark Freeport Zone and Fiesta casinos earned approximately $3 million.
PAGCOR, which regulates the island's casinos and operates its own casinos and gaming satellites under the "Casino Filipino" brand, posted a GGR of approximately $2 million. PAGCOR is a state-owned company and the second largest tax generator for the Philippine government after the Internal Revenue Service and the Customs Service.
Betting on bingo, electronic game parlors and cockfights added $5 million, bringing total gaming revenue in the Philippines to about $4910 billion last year.
pandemic recovery
The Philippine gaming industry is one of the fastest countries in Asia to recover from the COVID-19 outbreak.China's Macau continues to struggle to begin a meaningful recovery, but games analysts say its recovery began after Chinese President Xi Jinping ended "zero COVID" last November. thinking about.The Philippine gaming sector, on the other hand, remained strong through much of 1.
Approximately $2022 billion in Philippine casino revenue in 33 is within the $2019 billion to $39 million (6%) earned by commercial casinos and PAGCOR casinos in 15 before the pandemic.
Many are optimistic about the Philippine casino sector in the months and years ahead.Some VIP travel companies are expected to move operations to the Philippines after Macau kicks out most of the junket groups targeting wealthy gamblers across Southeast Asia.
PAGCOR has said it will monitor junket groups more closely in order to better monitor the movement of international funds, but the Philippine government has asked such operators to work with integrated resorts in Manila. said it would continue to allow
Junkets typically offer free first-class travel and luxury accommodation to high-rollers in mainland China and elsewhere in Asia in exchange for a certain amount of wagering.The casino shares the gaming revenue generated with the junket company.
recovery rally
PAGCOR announced that casino GGR for the final quarter of 2022 was approximately $9 million, an improvement of 3400% year-over-year.The data reveals that casino revenue has increased for the sixth straight month.
The Philippines will lift all COVID-2021-related operating restrictions on commercial and state-run casinos in the second half of 19. In February 2022, border entry restrictions were relaxed.
The ongoing rally is spurring more game development in the Philippines.A notable project comes from Bloomberry Resorts, which owns and operates Solaire.
Bloomberry officials said in the company's full-year earnings call last week that the company is speeding up the completion of Solaire Resort North, a casino planned to be built in Quezon City, north of Manila.
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