GGRAsia – Philippine GGR may double to US$8bln by 2028: Tengco

Philippine GGR may double to US$8bln by 2028: Tengco

Aug 17, 2023 Newsdesk Latest News, Philippines, Top of the deck

The Philippine gaming sector could more than double its gross gaming revenue (GGR) from circa PHP214 billion (US$3.77 billion) in 2022, up to at least PHP450 billion by 2028, said Alejandro Tengco (pictured in a file photo), chairman and chief executive of the country’s regulator, the Philippine Amusement and Gaming Corp (Pagcor), in a Reuters interview published on Wednesday.

“Currently, the strong performance is supported by a stable of local players,” Mr Tengco was cited as saying.

He added: “There is still an opportunity for the foreign market to increase further due to improving foreign travel guidelines.”

Pagcor data show that the PHP214 billion GGR figure cited in the report refers to entire industry GGR – including non-casino bingo and electronic games parlours.

The 2022 GGR tally on that basis was PHP214.34 billion, with PHP168.22 billion – or 78.5 percent of the total – generated by private-sector commercial casinos.

In 2022, Pagcor’s own venues generated PHP15.88 billion in GGR, or 7.4 percent of the total.

“Other licensees”, encompassing bingo and electronic games parlours and e-sabong – online wagering on cockfighting – generated PHP30.24 billion of industry GGR in 2022, or 14.1 percent of the annual total.

The expected starting point for cash to be raised from privatisation of Pagcor’s chain of state-owned casinos is PHP60 billion, stated Mr Tengco recently, a figure 25 percent lower than was mentioned in March when he had announced some details of such a sell-off plan.