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The Philippine gambling industry has been on a phenomenal growth trajectory, with the first quarter of 2023 witnessing a surge in gross gaming revenues to Php68.9 billion (US$1.24 billion). This growth trend, propelled by licensed casino operators, has marked the seventh straight quarter of revenue increase.
Information shared by the country’s national gaming regulator, PAGCOR, on May 11 attributes this robust growth to the integrated resorts located in Manila’s Entertainment City and the Clark Freeport Zone. The report, however, didn’t account for PAGCOR properties, which were independently presented.
These resorts are the star players of the industry, collectively generating Php54.2 billion (US$973 million) in gross gaming revenues in Q1 of 2023. This represents a remarkable 80% increase from the same period in the previous year and a 5.7% rise from the preceding quarter.
The Entertainment City complex situated in downtown Manila, hosting popular resorts such as the City of Dreams Manila, Newport World Resorts, Okada Manila, and Solaire Resort, has proven to be a significant contributor to the industry. These properties together raked in Php45.4 billion (US$815 million) in gross gaming revenues for the quarter ending March 31, reflecting a 69% year-over-year increase.
The Clark Freeport casino complex mirrored this success, showing a whopping 175% surge in revenues compared to Q1 of the previous year, reaching Php8.29 billion (US$149 million). The Fiesta Resort alone boasted revenues of Php421.6 million (US$7.6 million).
Casinos operating under PAGCOR’s purview generated a staggering Php5.13 billion (US$92 million) in gross gaming revenues for Q1 of 2023. This is nearly double the amount of Php2.62 billion (US$47 million) recorded in Q1 of 2022, and a 5.7% growth from the Php4.83 billion (US$87 million) of Q4 2022.
The aggregate gaming revenues from Manila’s Entertainment City, Clark Freeport Zone, and PAGCOR properties brought the Philippine gaming industry’s total revenue to an impressive Php68.9 billion or US$1.24 billion for Q1 2023. This quarter marks the industry’s seventh straight quarter of increased revenues, a trend initiated mid-2021.
The Philippine gaming industry has been experiencing a significant expansion since 2021, when pandemic-related restrictions began to ease, facilitating international arrivals. As reported by Inside Asian Gaming, these arrivals started in February 2022, followed by the Philippine government’s decision to gradually lift all restrictions and fully reopen the country in April 2022. This decision has undoubtedly played a significant role in propelling the growth witnessed in the industry today.