Growing momentum in domestic gaming sector fuels PAGCOR’s ambitious objectives to enhance business operations and ensure responsible gaming practices
In the period spanning from October to December 2022, authorised casinos located in the Philippines earned a total of Php51.2 billion (equivalent to US$934 million) from gaming activities, showing a notable increase of 94.6% compared to the same period the previous year, and a 14.4% rise from the quarter ending in September 2022.
As a result of the growing momentum in the domestic gaming sector, the Philippine Amusement and Gaming Corporation (PAGCOR) has adjusted its objective for gross gaming revenue (GGR) for 2023, aiming for a 33.1% increase compared to the previous year’s target, and a 14.2% rise over the actual GGR of 2022.
PAGCOR’s Chairman and CEO, Alejandro H. Tengco, has stated that the state-owned gaming company’s elevated GGR goal is driven by the strong performance of the gaming sector in 2022, which is largely attributed to the reopening of Philippine borders to both domestic and international visitors.
He remarked “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,” he said. “Our licensed casinos likewise recorded a major revenue growth.”
A statement released by PAGCOR also indicates that the organisation is committed to maintaining its ISO:9001:2015 certification, achieving 100% of its 2023 goals, completing transactions within the specified time frame, revising the agency’s Board-approved Competency Framework, and setting a competency baseline for employees.
In order to accomplish these objectives, Tengco emphasised that PAGCOR, under its present leadership, intends to enhance its regulatory and business operations. He further stated that the organization will strive to create programs that are advantageous to its industries and prioritise the principles of responsible gaming and nation-building.