Philippines gaming regulator PAGCOR has reported a 49.43% increase in income from gaming operations to Php16.9 billion (US$303 million) in the three months to 31 March 2023 as the industry continues to surge post-pandemic.
The 1Q23 result, which comfortably beat the agency’s budget estimate of Php14.9 billion (US$267 million), was also 6.3% higher than in the final quarter of 2022.
Total income for the March 2023 quarter, including non-gaming and other service income, reached Php17.7 billion (US$318 million) while net profit was Php1.34 billion (US$24 million) – up 114% year-on-year and 424% higher than was budgeted for.
Industry revenues in the Philippines have been soaring in recent months, aided by the reopening of international borders in February 2022 and the end of all lockdowns last April President Ferdinand Marcos Jr later removing mask mandates in early November.
The Philippines Department of Tourism (DOT) has stated that it hopes to attract around 5 million foreign visitors in 2023, almost double the 2.6 million visitors who arrived last year.
PAGCOR, meanwhile, is targeting industry-wide GGR of US$4.5 billion this year.
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