THE Philippine Amusement and Gaming Corp. (PAGCOR) said that the gaming industry was a revelation for the year 2023 as it closed with a new record-high gross gaming revenues, even breaching pre-pandemic levels.

In a statement, PAGCOR said that the sector’s gross gaming revenues (GGR) last year was at P285.27 billion, which is higher than the P214.33-billion GGR posted in 2022.

Based on the pre-pandemic 2019, the GGR for 2023 was higher by 11.22% when compared to the previous record-high of P256.49 billion.

According to PAGCOR, the Philippine gaming industry marked an all-time GGR low of P98.79 billion at the height of the pandemic in 2020. 

The following year, the GGR slightly climbed to P113.09 billion as it nearly doubled to P214.33 billion in 2022.

This set up to the 2023’s record-high performance.

“Our 2023 results exceeded even our most optimistic projections, and it proves beyond doubt that the Philippine gaming industry has fully recovered and is now poised for sustained growth in the medium- to long-term,” PAGCOR chairman and CEO Alejandro Tengco said.

Tengco said the projection is “more achievable, especially with the scheduled opening of new integrated resorts this year.”

“Last year’s accomplishment is solid proof of the local gaming industry’s adaptability and resilience which translates to PAGCOR’s enhanced ability to fulfill our nation-building mandates,” he said.