PH Casino giants face slowdown in Q2 as GGR falls. State-run casinos have also been hit

Major casino operators in the Philippines face a slowdown this quarter compared to the previous one, but their year-on-year performance remains stronger. The slowdown has also been hit by government-owned casinos, mainly because of private casinos.

The Philippine gaming industry saw its recent slowdown in momentum in the three months to June 30, 2023, leading to a 2.2% on-quarter decline in total game sales to 68.9 billion ph ($1.22 billion).

The decline resulted in a 4.5% decrease in GGR to $51.71 billion ($917 million), mainly driven by the country’s licensed casinos.

Entertainment City Casino, comprising City of Dreams Manila, Newport World Resort, Okada Manila and Solaire, saw its second-quarter GGR fall 4.3% to $43.471 billion ($771 million), while Clark Casino fell 5.1% to $7.86 billion ($139 million), according to information from gaming regulator PAGCOR. Fiesta fell 11.3% to $374 million ($6.6 million).

PAGCOR Casino also saw a 3.8% decrease in revenue compared to the March 2023 quarter to $5.13 billion (US$90.9 million ($90.9 million).

Despite sequential declines, overall GGR improved compared to the same period in 2022. Licensed casinos increased 22.8% Y/Y and PAGCOR casinos increased 29.6% Y/Y, indicating an industry-wide GGR improvement of 28.3% Y/Y in Q23.

PAGCOR also recently reported operating and regulatory commission income for the first half of 2023, valued at PHP $36.21 billion (665 million), 35.64% more than last year.

The regulator also said it plans to wrap up the year by earning $1.27 billion. It expects to participate in online operations for the first time, in addition to this year’s other declarations of privatization and modernization.

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