PAGCOR Reports 39% Q1 Revenue Rise From Previous Year

The Philippines gambling industry received a tangible boost this week, as the the regulator announced impressive results for the first three months of 2022. As per so many native gaming sectors around the globe, the island-nation has been subjected to draconian social restrictions and travel limitations over the last two years.

However, green shoots of recovery have been emerging with increasing regularity as the year has progressed. This has been majorly helped by the systematic removal of the aforementioned COVID curbs. In February, the Philippines eased visitation regulations, subsequently opening its borders to international travellers. Furthermore, in early March, casino venues were eventually permitted to allow full building attendance, with four-month long lockdown measures removed as the country tightened its control on the spread of the Omicron variant.

The Philippine Amusement and Gaming Corporation (PAGCOR), who doubles up a key operator and marketplace regulator, highlighted Q1 income at PHP 12.41bn ($236m), a staggering PHP 3.49bn ($66m) increase on the like-for-like period last year. The organization relinquishes about half of its operating profit to the local government, and is therefore a key contributor to state coffers. Net income after cost deductions came out at PHP 624.7m ($11.8m), nearly PHP 500m ($8.9m) higher than Q1 2021.

Clearly, given the level of disruption last year, one would expect gaming revenues to incline significantly. Nevertheless, the scale of the improvement, alongside rising confidence in the tourism trade, has analysts optimistic that 2022 could see the east Asian territory return to the conditions enjoyed prior to the onset of the coronavirus pandemic.