Home > Finance > Pagcor aims for £3.65bn GGR in 2023

Pagcor aims for £3.65bn GGR in 2023

| By Zak Thomas-Akoo
Combined state-owned corporation and gaming regulator the Philippine Amusement and Gaming Corporation (Pagcor) announced that it is aiming for P244.84bn (£3.65bn/€4.14bn/$4.50bn) in national gross gambling revenue in 2023.

This year, the organisation submitted a performance scorecard to the government with a forecasted GGR of 33.13%, or P60.90bn, higher than the company’s P183.90 2022 target for industry. The total is also 14.2% higher than the P214.33bn that the Philippines actually achieved in 2022.

Pagcor chairman and CEO Alejandro H Tengco said that the increased target is a result of the strong growth of the gaming sector in the previous year.

Pagcor chairman and CEO Alejandro H Tengco (right)

“Since the lockdowns were eased in the country late last year and gaming venues reopened, customer confidence slowly returned and the attendance in our owned casinos slowly improved,” he said. “Our licensed casinos likewise recorded a major revenue growth.”

Of this total, Pagcor targets P68.49bn to be generated by the business’ own operations in 2023. “This amount is a 36.6% increase from our P50.13 billion target in 2022 and 24.41% higher than our 2022 income from gaming,” said Tengco.

Further targets

Pagcor says it also aims to be able to fully pay its obligations to various agencies, as well as achieving P1.02bn in profit from its gaming activities. In addition, the organisation aims to collect 98% of licences and regulatory fees from Pagcor’s regulated gaming entities.

The company also endeavours to “retain its ISO:9001:2015 certification; 100% attainment of 2023 deliverables; 100% completion of transactions within the prescribed period; revision of the agency’s board-approved competency framework; and establishment of competency baseline for employees”.

In service of this goal, Tengco said that the organisation would aim to improve both its regulatory functions and business operations.

 “We will ensure that our plans and programmes for 2023 will be generally beneficial to our industries, putting foremost the interests of responsible gaming and of nation-building,” he said.

Despite Pagcor’s ambitious plans for developing its gaming operations, the entity said that it is currently “seriously considering” divesting itself of its commercial operations to become a solely regulatory entity.

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