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Philippinel gambling revenue surges by 80 percent to P70 billion (Latest Sabong News)

Philippinel gambling revenue surges by 80 percent to P70 billion
Author Louise Maureen Simeon
Date MAY 13 2023
MANILA, Philippines — The local gambling industry continued to take advantage of increased operational capacity amid the new normal, with its gross gaming revenue (GGR) surging 76 percent to P68.9 billion in the first quarter. Data from Philippine Amusement and Gaming Corp. (Pagcor) showed that the industry’s GGR for the January to March period was about 28 percent of the P245 billion target set by the state-run firm for the year. Casinos still accounted for the huge chunk of GGR at almost 80 percent, posting an 80 percent hike in revenues to P54.15 billion. Of the total revenue from casinos, P45.44 billion came from the Entertainment City in Parañaque. Revenues raised by other licensees likewise jumped 51 percent to P9.64 billion, contributing 14 percent to the total. The growth of other licensees came even without revenues from electronic cockfight or e-sabong operations, which were banned by the previous administration in May last year. The ban was continued by President Marcos through the issuance of an executive order last December, directing all e-sabong licensees to take down their websites, including accredited auxiliary operations and off-cockpit betting stations. Pagcor-owned games nearly doubled to P5.13 billion from P2.62 billion in 2022, cornering the remaining seven percent of the total GGR for the first quarter. Slot machines secured nearly half at P2.43 billion followed by table games at P1.91 billion and junkets with P744.23 million. Pagcor also earned P26.3 million from its in-house bingo and another P18.09 million from its poker plays, both onsite and offsite. The state-run gambling regulator expects to sustain last year’s robust performance due to the opening of Philippine borders to local and foreign tourists.

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