• Wed. Apr 17th, 2024

Philippine Gaming Industry Generates US$1.24 Billion in Q3 2023 to Exceed Prepandemic Levels_1

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Gross gaming revenues of the Philippine gaming industry reached the level of Php68.8 billion (US$1.24 billion) in the third quarter of 2023. The figure reportedly represents a 20.1% increase when compared to the third quarter of 2022, as well as a US$20 million increase over the result achieved by the industry in the second quarter of 2022.

As Inside Asian Gaming(IAG) reports, the gross gaming revenues generated in the Philippines in the Q3 2023 stands for just around a 2% higher revenue level than the US$1.22 billion hit in the preceding quarter. However modest, this quarter-over-quarter increase indicates that the Philippine gaming industry is gradually accelerating towards the end of the year.

Philippine Gaming Industry Generates US$1.24 Billion in Q3 2023 to Exceed Prepandemic Levels_1

Clark Drives the Growth:

The same source reports that such a trend was mainly supported by some of the major players such as the Clark casinos. According to figures reportedly released by the governmental gambling regulatory agency PAGCOR, the operator generated Php8.89 billion (US$160 million) in gross gaming revenues in the Q3 2023 to push the market forward with the 13% better result than the one seen in the Q2 2023. At the same time, according to the source, such a result was simultaneously as much as 45.8% higher than the company’s performance over the same period in 2022. Clark also contributed to the total gross gaming revenues generated over the three-month period that ended on 30 September 2023 with almost a 13% share to drive the overall growth by 2% over the Q2 2023.

Slight Decline of Licensed Casinos:

As IAG reports, the Clark’s contribution seems to have been dragged down when combined with those of some other licensed operators. In fact, Entertainment City casinos recorded what the source calls ‘’a very slight sequential decline’’ in gross gaming revenues (GGR) to end the quarter with the Php42.7 billion (US$770 million) level. The fact that all licensed casinos – Clark, Entertainment City, and Fiesta – generated a gross revenue level of Php51.9 billion (US$936 million), which is only 0.4%  more than the level seen in the preceding period, testifies about the trend.

Flat Revenues Exceeding Pre-Pandemic Figures:

Casino facilities run by the gambling regulator and operator PAGCOR reportedly remained rather flat in comparison with the preceding quarter. They reportedly hit a total of Php4.94 billion (US$89.1 million) in GGR, with bingo and electronic gaming contributing Php11.9 billion (US$215 million) to the overall figure. As reported, this level compares with Php10.8 billion (US$195 million) reached in Q2 2023 to stand for almost an 11% increase.

The strong Q3 2023 result of the Philippine gaming industry is reportedly in line with the recent announcements of the PAGCOR Chairman and CEO Alejandro Tengco that the revenues generated by the industry would exceed pre-pandemic levels.

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