Inside Asian Gaming reports that the gross gaming revenues of the Philippine gambling industry soared to Php68.9 billion (US$1.24 billion) in the first quarter of 2023. The strong growth was reportedly driven by the country’s licensed casino operators recording an increased handle for the seventh consecutive quarter.
The source transfers the information published by the national gaming regulator PAGCOR on May 11. The regulator’s overview reportedly focused on integrated resorts in Manila’s Entertainment City and the Clark Freeport Zone but excluded PAGCOR properties which were separately presented.
Integrated Resorts Saw Massive Revenue Growth:
Nevertheless, these popular resorts generated Php54.2 billion (US$973 million) in gross gaming revenues in the first quarter of 2023, which represents an 80% higher level than the one achieved over the same period last year, and a 5.7% higher figure compared to the preceding quarter.
Entertainment City complex in downtown Manila is the home to the City of Dreams Manila, Newport World Resorts, Okada Manila, and Solaire Resort. These properties generated a total of Php45.4 billion (US$815 million) in gross gaming revenues in the quarter that ended on March 31 to testify to the rising industrial trend and stand for a 69% growth on the year-over-year basis.
Likewise, Clark Freeport casino complex generated 175% higher revenues than the in the last year’s first quarter to hit the level of Php8.29 billion (US$149 million) with the Fiesta Resort generating alone the revenue of Php421.6 million (US$7.6 million).
PAGCOR Doubled Last Year’s Figure:
The casinos operating under PAGCOR’s control generated Php5.13 billion (US$92 million) in gross gaming revenues in the first quarter, which represented almost twice the level of Php2.62 billion (US$47 million) seen in the prior year’s first quarter. Also, the financial result achieved by these entities was US$5million – or 5.7% – higher than the Php4.83 billion (US$87 million) level reached in the fourth quarter of 2022.
Industry’s Total Amounted to US$1.24 Billion:
According to the source, the aggregated gaming revenues generated by integrated resorts in Manila Entertainment City, Clark Freeport Zone, and PAGCOR properties brought Php68.9 billion or US$1.24 billion to the Philippine gaming industry in the first quarter of 2023. As indicated above, this quarter marks the seventh consecutive quarter of increased revenues for the industry and continues the trend that started in the middle of 2021.
The Philippines gaming industry has expanded since 2021, when pandemic-driven restrictions began to relax to allow international arrivals. As Inside Asian Gaming recollected, these arrivals began in February 2022 to be followed by the government’s decision to gradually suspend all the restrictions and re-open all the country’s capacities in April 2022.