The Philippine Amusement and Gaming Corporation (PAGCOR) has officially confirmed a groundbreaking achievement for the country’s gaming sector, as gross gaming revenues (GGR) reached an unprecedented Php285.27 billion (US$5.11 billion) in 2023. This remarkable figure represents a remarkable 33.1% year-on-year increase, surpassing the previous record set in 2019 by 11.2%.
Recovery from Pandemic Low:
The phenomenal result comes on the heels of a challenging period for the Philippines’ gaming industry, which experienced an all-time low GGR of Php98.79 billion (US$1.77 billion) in 2020 amidst the global pandemic. However, the industry showcased remarkable resilience, bouncing back to Php113.09 billion (US$2.02 billion) in 2021 and nearly doubling to Php214.33 billion (US$3.84 billion) in 2022.
Optimistic Projections:
PAGCOR’s Chairman and CEO, Alejandro H. Tengco, expressed confidence in the industry’s continued success, stating, “Our 2023 results exceeded even our most optimistic projections.” Tengco emphasized that the Philippine gaming industry is not only fully recovered but is now positioned for sustained growth in the medium- to long-term.
Adaptability and Resilience:
Tengco attributed the industry’s impressive recovery to its adaptability and resilience, highlighting the sector’s ability to navigate challenges effectively. This adaptability, he noted, has enhanced PAGCOR’s capacity to fulfill its nation-building mandates.
Yearly Progression:
A closer look at the yearly progression reveals the resilience of the Philippine gaming industry. The year 2023 not only surpassed the pre-pandemic record of 2019 but also showcased a remarkable 64.7% growth from the pandemic-hit year of 2020. The industry’s ability to rebound and achieve such substantial growth within a short span is a testament to its robust foundations.
Outlook for 2024:
PAGCOR is optimistic about the future, predicting another record-breaking year in 2024. The gaming regulator anticipates GGR to soar to Php336.38 billion (US$6.02 billion), signaling continued momentum and sustained growth for the Philippine gaming sector.
The Philippines’ gaming industry’s record-breaking performance in 2023 reflects not only its recovery from the challenges posed by the pandemic but also its ability to thrive and set new benchmarks. PAGCOR’s proactive measures, combined with the industry’s adaptability and resilience, position the sector for a promising future. As the country looks ahead to 2024, all signs point to continued success and growth for the Philippine gaming industry.