Philippine Gambling Industry's Revenue Boom: A New Record

The Philippine gambling industry's revenue is forecasted to reach over 350 billion pesos this year, surpassing previous targets. Growth is driven by electronic gaming, contributing significantly to the national budget. Pagcor plans to revoke all offshore gambling licenses, following a directive linked to crime reports.

The Philippine gambling industry is set to achieve a record revenue of over 350 billion pesos ($6.03 billion) in 2023, as per the country's gaming regulator. The growth is primarily fueled by the electronic gaming sector, surpassing the previous target of 334 billion pesos set by the Philippine Amusement and Gaming Corp (Pagcor).

Pagcor Chairman Alejandro Tengco expressed confidence in exceeding the targeted gross gaming revenue (GGR), an essential measure of the industry that reflects total wagers minus winnings. Pagcor's substantial revenues are crucial to the national budget, as they fund significant portions of the government's expenses.

While Manila's casino resorts continue to draw international players, particularly from China, Japan, and South Korea, Pagcor plans to revoke all offshore gambling licenses by year-end. This move follows President Ferdinand Marcos Jr.'s directive to ban Philippine offshore gambling operators due to crime-related issues.

(With inputs from agencies.)