Philippines industry gross gaming revenues climbed to Php68.9 billion (US$1.24 billion) in the March 2023 quarter, driven by strong gains from the country’s licensed casino operations.
According to information published by gaming regulator PAGCOR on Thursday, licensed casinos in the Philippines, which include integrated resorts in Manila’s Entertainment City and the Clark Freeport Zone but does not include PAGCOR properties, generated gross gaming revenues of Php54.2 billion (US$973 million) in 1Q23 – up 80% year-on-year and 5.7% higher than the December 2022 quarter.
Entertainment City’s IRs – comprising City of Dreams Manila, Newport World Resorts, Okada Manila and Solaire – combined for Php45.4 billion (US$815 million) in GGR, representing a 69% increase over 1Q22. Clark casinos saw revenues grow 175% to Php8.29 billion (US$149 million) with Fiesta contributing Php421.6 million (US$7.6 million).
Total GGR from PAGCOR operated casinos in 1Q23 was Php5.13 billion (US$92 million), up from Php2.62 billion (US$47 million) in the prior year period and from Php4.83 billion (US$87 million) in 4Q22.
The total industry GGR figure of Php68.9 billion makes it seven consecutive quarters of rising revenues for the Philippines gaming industry, dating back to mid-2021.
The Philippines has been gaining strong industry momentum ever since it reopened international borders in February 2022. The government later eased capacity restrictions in March 2022 and dropped all lockdowns in April of the same year.