PAGCOR Chairman and CEO Alejandro Tengco says he is hopeful the Philippines gaming industry will surpass pre-pandemic revenue levels in the near future.
His comments follow the release of the regulator’s financial results for 2022 earlier this week, which showed a 66.2% year-on-year increase in revenues to Php59.0 billion (US$1.08 billion) including a 68.7% increase in income from gaming operations to P55.1 billion (US$1 billion).
The increase followed the reopening of national borders to international tourists in February 2022, easing of capacity restrictions in March and ending of all lockdowns in April, with newly elected President Ferdinand Marcos Jr also removing mask mandates in early November.
In a statement issued late Thursday, Tengco – who replaced former PAGCOR chief Andrea Domingo in August – said, “Looking at PAGCOR’s upward revenue trend since the first quarter of 2022 up to the end of the year, as well as the recovery path of other gaming hubs in Asia like Singapore and Macau, we are confident that the Philippine gaming sector will be able to fully recover, or even surpass its pre-pandemic earnings soon.
“Since the lockdowns were eased in the country last year and gaming venues reopened, customer confidence slowly returned and the attendance in our owned casinos slowly improved. Our licensed casinos likewise recorded a major revenue growth.”
PAGCOR also revealed Thursday that it had contributed Php34.7 billion (US$641 million) towards nation-building in 2022, including Php26.2 billion (US$484 million) to the National Treasury as per its mandated 50% government share.
PAGCOR also allocated Php3.63 billion (US$67 million) for the government’s socio-civic programs, Php2.75 billion (US$51 million) to the Bureau of Internal Revenue as 5% franchise tax and Php1.30 billion (US$24 million) to the Philippine Sports Commission (PSC).
An additional Php64.39 million (US$1.2 million) was provided as Sports Incentives and Benefits while cities hosting PAGCOR’s Casino Filipino branches received Php451.72 million (US$8.3 million).
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