In a recent announcement by the Philippine Amusement and Gaming Corporation (Pagcor), the revenues for the country’s casino sector are set to hit a record-breaking P275 billion for the year 2021. This news comes as a welcome relief for the industry, which has been severely impacted by the ongoing COVID-19 pandemic.
Pagcor, the government agency responsible for regulating and overseeing the country’s gambling industry, reported that the revenues for its casino sector have continued to show strong growth despite the challenges posed by the pandemic. In the first half of 2021, the sector recorded a total revenue of P123 billion, marking a 60% increase compared to the same period last year.
This significant increase in revenues can be attributed to several factors, including the gradual easing of restrictions on travel and entertainment activities, as well as the implementation of strict health and safety protocols in casinos across the country. Additionally, the growing popularity of online gambling platforms has also contributed to the sector’s overall growth.
Pagcor’s chairman and CEO, Andrea Domingo, expressed her optimism about the future of the country’s casino sector, stating that the industry is poised to continue its upward trajectory in the coming years. “Despite the challenges brought about by the pandemic, we remain confident that the Philippine casino sector will rebound and continue to thrive in the post-COVID era,” Domingo said.
The news of the record-breaking revenues for the casino sector has also been welcomed by industry stakeholders and analysts, who see this as a positive sign of recovery for the gambling industry in the Philippines. With the government’s continued support and the implementation of effective health and safety measures, the sector is expected to further expand and contribute significantly to the country’s economic growth.
As the country continues to navigate the challenges posed by the pandemic, the strong performance of the casino sector is a testament to the resilience and adaptability of the Philippine gambling industry. With revenues set to hit P275 billion this year, Pagcor’s casino sector is well-positioned to lead the country’s economic recovery and provide much-needed revenue for the government.
