Philippines gaming regulator PAGCOR says it is now targeting industry-wide gross gaming revenues of Php244.84 billion (US$4.5 billion) in 2023, supported by faster than expected recovery following the re-opening of international borders last year.
The revised target, submitted to the Governance Commission for GOCCs (GCG) as part of PAGCOR’s 2023 Performance Scorecard, comes after Philippines-wide GGR of Php214.3 billion in 2022 comfortably exceeded the agency’s initial estimates.
The 2023 target is 33.1% higher than last year’s target and 14.2% higher than actual 2022 GGR.
“Since the lockdowns were eased in the country late last year and gaming venues reopened, customer confidence slowly returned and the attendance in our owned casinos slowly improved,” said PAGCOR Chairman and CEO, Alejandro H. Tengco. “Our licensed casinos likewise recorded a major revenue growth.”
PAGCOR said its 2023 target includes Php68.5 billion in revenues from its own gaming operations.
“This amount is 36.6% increase from our P50.13 billion target in 2022 and 24.41% higher than our 2022 income from gaming,” Tengco added.
The regulator has also outlined its intention to achieve Php1.02 billion (US$18.8 million) in net income in 2023 and to achieve 98% collection efficiency of license and regulatory fees from PAGCOR’s regulated gaming entities, among other ambitions.
To achieve these, Tengco said, PAGCOR will under current management look to improve its regulatory functions and business operations.
“We will ensure that our plans and programs for 2023 will be generally beneficial to our industries, putting foremost the interests of responsible gaming and of nation-building,” he explained.
The Chairman’s comments come after he last week outlined his intention to privatize PAGCOR’s casino operations so it can fully focus on its regulatory obligations.