State-run Philippine Amusement and Gaming Corp. said it posted a 66.16-percent increase in total income in 2022 to P58.96 billion from P35.48 billion in 2021.
PAGCOR said in a statement the biggest contributor was its income from gaming operations which reached P55.05 billion, or 68.71 percent higher than P32.63-billion earnings a year ago.
PAGCOR chairman and chief executive Alejandro Tengco expressed optimism the gaming industry would continue its growth momentum in the coming years.
“Looking at PAGCOR’s upward revenue trend since the first quarter of 2022 up to the end of the year, as well as the recovery path of other gaming hubs in Asia like Singapore and Macau, we are confident that the Philippine gaming sector will be able to fully recover, or even surpass its pre-pandemic earnings soon,” Tengco said.
The gaming industry’s robust performance in 2022 was also attributed to the opening of Philippine borders to local and foreign tourists that improved the performance of the travel, entertainment and hospitality sectors.