Philippines licensed casinos generated combined gross gaming revenues of Php49.7 billion (US$885 million) in the three months to 31 December 2023, representing a slight decline from the Php51.2 billion (US$912 million) generated a year earlier. It was also the most subdued quarter of 2023 and the only quarter in which GGR did not exceed Php50 billion, according to data sent to Inside Asian Gaming by regulator PAGCOR.
As per the data, most of the nation’s licensed casinos experienced sequential declines in 4Q23, although there were exceptions – most notably NUSTAR in Cebu, where GGR climbed by 68.5% quarter-on-quarter to an all-time property record of Php1.96 billion (US$34.9 million).
Royce Hotel and Casino in Clark also enjoyed a record quarter with GGR more than doubling between Q1 and Q4 to Php1.58 billion (US$28.1 million). This, however, was still only half of the Php3.0 billion (US$53.4 million) generated by its closet neighbor in Clark, Hann Casino Resort.
PAGCOR operated casinos also suffered declines in 4Q23, with GGR falling by 6.5% sequentially to Php4.62 billion (US$82.3 million).
Despite this, industry-wide GGR soared by 16.5% quarter-on-quarter to Php80.1 billion (US$1.43 billion) thanks to stunning growth in the e-gaming sector. E-gaming sector revenues – which include e-games, e-bingo, specialty games and sports betting – grew by more than 100% over the September 2023 quarter to Php25.8 billion (US$459 million). PAGCOR has already projected this segment to soar past Php60 billion in revenues in 2024.
As previously reported by IAG, total industry revenue reached Php285.3 billion (US$5.15 billion) in 2023, of which more than 70% came from private licensees such as those in Manila’s Entertainment City and in Clark.
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