Q1 Results Demonstrate Philippines Gambling Recovery

The Philippine Amusement and Gaming Corp. (PAGCOR), the state-owned corporation, has reported that Q1 2022 has been positive for the country. The gross gaming revenue (GGR) has reached $572.49m (PHP30.02bn), growing almost 29.6% from the same period last year. 

The iGaming industry shows recovery after all the various COVID-19 restrictions were lifted. According to the Q1 results released by PAGCOR, licensed casinos in the country generated around $443.04m (PHP23.2bn) in Q1 2022. 

In terms of the GGR of licensed casinos in the Philippines, Entertainment City topped the list with a generation of $402m (PHP21.1bn) in Q1, followed by Clark and Fiesta with $35.87m (PHP1.8bn) and $5.17m (PHP271.19m), respectively. 

Slot games were the top-ranked income generators in PAGCOR-operated games, with the GGR for slots totaling $27.9m (PHP1.46bn). Other categories of games had significantly lower GGR, with table games at $14.35m (PHP752.48m), junkets at $4.88m (PHP256.2m), poker at $343,319 (PHP1.8m), and finally in-house bingo at $252,202 (PHP1.3m).

In total, the GGR for all of the PAGCOR-operated games reached around $47.7m (PHP2.4bn) in Q1 2022. 

For licensed bingo operations and electronic games, the total GGR reached $81.58m (PHP4.23bn). The total GGR for licensed electronic games reached $16.08m (PHP843.76m), and the total GGR for bingo operations was $65.5m (PHP3.43bn). 

Overall, things seem to be improving for the Asian gambling industry as almost all the restrictions that were in place because of the pandemic have been removed. 

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