The Philippine Amusement and Gaming Corporation (Pagcor) achieved a significant milestone in its 2022 financial year, posting record revenue of P58.96 billion (£904.4 million). This represents a remarkable 66.5% increase compared to the previous year’s revenue of P34.48 billion.
The robust growth can be attributed to the relaxation of pandemic-related measures and the reopening of Filipino borders to both local and foreign tourists. This article examines Pagcor’s record-breaking performance, with a focus on its revenue sources, contributions to nation-building, and the overall recovery of the Philippine gaming sector.
Revenue Growth and Gaming Performance:
Pagcor experienced exceptional revenue growth, with gaming activities contributing significantly to its overall financial performance. Gaming revenue reached P55.05 billion, a substantial 68.7% year-on-year increase. The relaxation of pandemic measures and the gradual return of customer confidence in attending casinos were key factors behind this impressive growth. Pagcor’s licensed casinos and owned venues witnessed major revenue growth, signaling a positive recovery trend in the Philippine gaming sector.
Contributions to Nation-Building:
Pagcor’s record revenue not only demonstrates its financial success but also highlights its significant contributions to nation-building. The corporation’s contribution to nation-building surged by 51.30% to P34.67 billion. Out of this amount, P26.15 billion was allocated to the national treasury, representing a 50.0% share. Additionally, Pagcor dedicated P3.63 billion to the government’s socio-civic program, P2.75 billion as a 5% franchise tax to the Bureau of Internal Revenue, and P33.76 million to the Board of Claims under the Department of Justice. The Philippine Sports Commission received P1.30 billion, along with P64.39 million in sports incentives and benefits. Furthermore, cities hosting Pagcor’s Casino Filipino branches received P451.72 million, contributing to local economic development.
Positive Outlook and Future Growth:
Pagcor’s Chairman and CEO, Alejandro Tengco, expressed confidence in the recovery of the Philippine gaming sector. He cited the upward revenue trend observed throughout 2022, as well as the recovery path of other gaming hubs in Asia such as Singapore and Macau. Tengco believes that the Philippine gaming sector will soon fully recover and potentially surpass its pre-pandemic earnings. With the easing of lockdown measures and the gradual return of customers to gaming venues, Pagcor expects further improvements in customer attendance and revenue growth in both owned and licensed casinos.
Pagcor’s record-breaking revenue of P58.96 billion in 2022 showcases the remarkable recovery and resilience of the Philippine gaming sector. The relaxation of pandemic-related measures and the reopening of borders to tourists played a vital role in Pagcor’s outstanding financial performance. The corporation’s significant contributions to nation-building further demonstrate its commitment to supporting various government programs and initiatives. As the Philippine gaming sector continues its upward trajectory, Pagcor remains optimistic about achieving sustained growth and surpassing pre-pandemic earnings.