Philippine Gambling Revenue Sees 48% Growth in the First Half of 2023
LISTEN TO THIS ARTICLE:The first half of 2023 brought the Philippine Amusement and Gaming Corporation (PAGCOR) a substantial surge in revenues generated through fees and taxes. The country's gaming regulator and operator of state-run casinos reported a 35.6% spike in income during this period, taking in PHP36.21 billion (US$663 million).
GGR in the Philippines Jumps
The results were the benefit of an overall increase in gross gaming revenue (GGR) of 48.7% in the Philippines, reaching PHP136.37 billion ($2.50 billion). Although PAGCOR released the full first-half totals, it didn't include a breakdown of the second quarter's performance.
Despite this, the agency's previous declaration of earning PHP17.7 billion (US$324 million) hints at a potential revenue of approximately PHP18.5 billion (US$339 million) generated from all verticals during the second quarter. PAGCOR is responsible for granting licenses and overseeing all gaming endeavors throughout the Philippines, while simultaneously managing 43 casinos via its own Filipino casino brand and collaborating with satellite partners.
In the first six months of 2023, the agency experienced a decline in revenue by 6.7% in comparison to its starting revenue of PHP38.8 billion (US$710 million) in the first half of 2019. PAGCOR's earnings from January to June indicate that gaming and regulatory fees continue to be the primary sources of revenue, contributing PHP34.12 billion (US$625 million) to PAGCOR's funds. This represents a significant increase of 38.0% year-on-year.
In light of this, there has been a notable surge in efforts to develop the nation, as evidenced by the substantial growth in contributions. Specifically, PAGCOR has allocated a substantial amount of PHP22.62 billion (US$414 million) in the first half of the year.
Of this, PHP16.20 billion (US$297 million) has been channeled to the National Treasury, amounting to 50% of the governmental share. Furthermore, an additional PHP8 billion (US$146 million) is scheduled to be disbursed to the country's national healthcare system.
PAGCOR Continues Community Support
In a separate disclosure, PAGCOR revealed that it dispersed PHP3.61 billion (US$66 million) to aid public ventures and governmental initiatives. Furthermore, a total of PHP1.70 billion (US$31 million) was remitted to the Bureau of Internal Revenue as a franchise tax amounting to 5%.
Another PHP19.92 billion (US$365 million) was allocated to the Department of Justice. The Philippine Sports Commission (PSC) also received PHP810.47 million (US$14.9 million), alongside an additional PHP17.97 million (US$329,000), which is earmarked for athletes. Cities that host Casino Filipino properties shared PHP225.86 million (US$4.1 million).
PAGCOR recently announced that it is going to expand its efforts to enter the online gaming space. Although this segment has faced recent legal challenges in the Philippines, the agency is optimistic about its potential. It said this week that it hopes to have a fully-function virtual reality casino in place sometime next year.
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