Philippine Casinos on the Way to Economic Recovery
PAGCOR, the Philippine gambling regulator released data outlining gross gaming revenue for Q1 of 2021. GGR in Q1 of 2021 hit Php23.27 billion, which marks an increase of 17.5% when compared to Q4 2020.
Licensed Casinos Mark Increase in GGR for Q1 2021
More than a year has passed since the start of the global COVID-19 pandemic. So far, there hasn’t been an industry that hasn’t felt the economic impact of the pandemic, including the gambling industry. Various restrictions are still in place around the world which obstruct gambling operators from reaching their pre-pandemic revenues. Despite how difficult it is, many gambling operators have already started the long recovery. Judging by recent data, published by the gambling regulator in the Philippines, PAGCOR, the industry has already started its recovery.
For the first three months until March 31, 2021, licensed casinos in the Philippines reported gross gaming revenue (GGR) of Php23.27 billion. This represents a 39.2% decrease when compared to Q1 of 2020. However, if we compare the result to Q4 of 2020, we observe an increase of 17.5%. This result proves that licensed casinos in the Philippines have started their recovery, despite the lockdown which was introduced in March due to COVID-19.
Looking at the total GGR which includes PAGCOR-operated casinos, bingos, electronic games, as well as licensed casinos, in Q1 of 2021, GGR hit Php30.03 billion. This result represents a significant decrease, considering that in Q1 of 2020, total industry GGR hit Php52.92 billion. On the bright side, in Q1 of 2021, GGR was higher than Q4 of 2020, when revenue halted at Php25.80 billion.
According to data, as of May 4, 2021, released by ABS-CBN, approximately 2 million people in the Philippines have received COVID-19 vaccines. This number breaks down to 1.7 million people who have received the first dose, while approximately 320,000 have been fully vaccinated. Although millions of people are yet to receive a COVID-19 vaccine, the more people are vaccinated, the faster the gambling industry can recover from the devastating hit of the pandemic.
Jerome is a welcome new addition to the Gambling News team, bringing years of journalistic experience within the iGaming sector. His interest in the industry begun after he graduated from college where he played in regular local poker tournaments which eventually lead to exposure towards the growing popularity of online poker and casino rooms. Jerome now puts all the knowledge he's accrued to fuel his passion for journalism, providing our team with the latest scoops online.
