The Philippine Amusement and Gaming Corporation (PAGCOR) announced in a press release that casino revenues have almost reached pre-pandemic levels. Ajejandro Tengco, PAGCOR Chairman and CEO, expressed optimism for the future, stating that they expect even higher revenues in 2023.

Despite the challenges caused by the absence of high rollers and junkets, domestic players and new tourists have filled the gap, contributing to the increase in gross gaming revenue (GGR). This resurgence can be attributed, in part, to the recent relaxation of travel and movement restrictions.

Tengco also highlighted the potential of Clark as a major gaming and tourism hub, emphasizing the ongoing development and expansion of the Clark Freeport Zone. The Clark Development Corporation (CDC) is actively supporting plans to transform the area into a Meetings, Incentives, Conferences, and Exhibitions (MICE) tourism zone.

Looking ahead, PAGCOR has exciting plans to enhance the gaming experience. By January next year, they aim to introduce 3,000 state-of-the-art slot machines, expected to generate significant revenue over the next five years. Additionally, there are plans to modernize the table games with more sophisticated gaming tables to attract more players and drive further growth.

PAGCOR’s recent Q3 results reflect their resilience and success, with a total income just below $1bn. This includes income from gaming operations, gains and other service and business income, as well as other non-operating income.

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