Philippines gaming regulator PAGCOR has reported a 67.3% year-on-year increase in gaming operations to Php24.7 billion (US$443 million) in the six months to 30 June 2022 as the country’s COVID recovery continues in earnest.
The half-year result also places the regulator 2.1% above the Php24.2 billion (US$434 million) it had budgeted for the first six months of 2022, while Q2 income from gaming operations of Php13.4 billion (US$240 million) represented an 18.6% increase over the March quarter.
Having endured two challenging years under COVID-19 restrictions, casinos across the country have reported rising revenues in 2022 following the easing of both domestic and international travel impediments. These included casinos located within Manila’s IRs being granted permission to operate at 75% capacity from early January and the dropping of all capacity restrictions from 1 March.
Although expenses increased by 62.5% year-on-year to Php10.5 billion (US$188 million), net profit grew by more than 2,600% year-on-year to Php2.16 billion (US$39 million) – also 246% higher than Q1 and smashing PAGCOR’s budgeted income of just Php107.2 million (US$1.9 million).
PAGCOR chair and CEO Andrea Domingo has previously outlined her expectation that the Philippines gaming sector will double its revenue in 2022.
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