Philippines gaming regulator PAGCOR is targeting industry-wide gross gaming revenues of $4.5 billion in 2023, supported by a faster-than-expected pandemic recovery following the re-opening of international borders last year.
The revised target, submitted to the Governance Commission for GOCCs as part of PAGCOR’s 2023 Performance Scorecard, comes after the Philippines-wide GGR of $3 billion in 2022 exceeded the agency’s initial estimates. The 2023 target is 33.1% higher than last year’s target and 14.2% higher than the actual 2022 revenue.
Alejandro H. Tengco, PAGCOR Chairman and CEO, commented: “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. Our licensed casinos likewise recorded major revenue growth.”
PAGCOR said its 2023 target includes $1.2 billion in revenues from its own gaming operations. “This amount is a 36.6% increase from our target in 2022, and 24.41% higher than our 2022 income from gaming,” Tengco pointed out.
The regulator also announced its intention to achieve $18 million in net income in 2023 and to achieve 98% collection efficiency of license and regulatory fees from PAGCOR’s regulated gaming entities.
Furthermore, PAGCOR also endeavors 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 order to achieve these goals, Tengco said PAGCOR will look to improve its regulatory functions and business operations. “We will ensure that our plans and programs for 2023 will be generally beneficial to our industries putting foremost the interests of responsible gaming and of nation building,” he stated.
The Chairman’s comments come after he outlined his intention to privatize PAGCOR’s casino operations so it can fully focus on its regulatory obligations. The regulator is considering selling the 41 casinos it operates in order to raise 80 billion pesos ($1.47 billion) in government revenue.