Gaming regulator PAGCOR has confirmed the Philippines set a new record for gross gaming revenues in 2023 at Php285.27 billion (US$5.11 billion).
According to figures released Tuesday, the 2023 figure was up 33.1% year-on0-year and was 11.2% higher than the previous record year in 2019, when GGR reached Php256.49 billion (US$4.59 billion).
“Our 2023 results exceeded even our most optimistic projections, and it proves beyond doubt that the Philippine gaming industry has fully recovered and is now poised for sustained growth in the medium- to long-term,” said PAGCOR Chairman and CEO, Alejandro H. Tengco.
The impressive result comes after the Philippines’ gaming industry posted an all-time GGR low of Php98.79 billion (US$1.77 billion) at the height of the pandemic in 2020. GGR climbed to Php113.09 billion (US$2.02 billion) in 2021 before nearly doubling to Php214.33 billion (US$3.84 billion) in 2022.
“Last year’s accomplishment is solid proof of the local gaming industry’s adaptability and resilience which translates to PAGCOR’s enhanced ability to fulfill our nation-building mandates,” Tengco said.
As reported by IAG earlier this week, PAGCOR is predicting another record year in 2024 with GGR tipped to reach Php336.38 billion (US$6.02 billion).
