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The Philippines gaming industry hit another peak, the revenue set a new record in 2022!

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The Philippines gaming industry hit another peak, the revenue set a new record in 2022!

A few days ago, the Philippine Amusement and Gaming Corporation (PAGCOR) announced its 2022 financial report. According to the data, the Philippine gaming industry has once again ushered in a peak, handing over a record-breaking 58.96 billion pesos report. Compared with the total revenue of 34.48 billion pesos in 2021, the growth rate is as high as 66.5%. Now, let’s see how it is done!

• The Philippine gaming industry recovered from the first quarter of 2022

According to local media reports in the Philippines, Alejandro Tengco, chairman and CEO of PAGCOR pointed out that the agency’s revenue showed a steady upward trend from the first quarter of 2022 to the end of the year. The situation is similar in places like Macau. Therefore, they believe that the gaming industry in the Philippines will fully recover, even surpassing the pre-Covid-19 pandemic level.

• Sector benefits from slower Covid-19 outbreak and looser border policies

According to PAGCOR, 2022 will be fruitful for the Philippine gaming industry, thanks to the easing of pandemic-related measures and the reopening of the country’s borders to local and foreign tourists. Not only that, but the physical casinos in the country have also welcomed gamblers from all over the world again. With the increase in attendance, it has injected an endless stream of energy into the income of casinos holding legal licenses in the country.

• Will it reach new heights? The strategies of the new PAGCOR chairman remain to be seen.

PAGCOR’s new chairman and CEO, Alejandro Tengco, was directly appointed by the new Philippine President Ferdinand Marcos Jr in August 2022 to succeed Andrea Domigo, who took office in 2016. In the future, let us continue to observe whether this decision-maker can use his talent as a businessman to generate more income for the Philippine treasury.

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