Economic Recovery Well in the Sights of Philippine Casinos
Philippines’ gambling watchdog, PAGCOR, has released data showing the performance of the gambling industry in the first quarter of 2021. According to the regulator, there was a 17.5% increase in gross gaming revenue (GGR) compared to 2020’s Q4 results. This figure settled at Php23.27 billion.
Regulated Operators Score Big in 2021 Q1 GGR Results
It’s been over a year since the COVID-19 pandemic struck. The gambling industry is one of the many industries that has felt the wrath of this pandemic. The restrictions put in place by various governments across the world have been a thorn in the flesh for gambling operators striving to keep up with the losses incurred during this period.
Even so, the resilience displayed by this industry is one to relish. The long journey to recovery is already showing positive signs if the data from PAGCOR is anything to go by. According to data published by this gambling watchdog, regulated casinos recorded gross gaming revenues of Php23.27 billion. This was for the period between January 1, 2021, and March 31, 2021.
It comes as no surprise that these figures would be lower than those recorded during the first quarter of 2020. In fact, these numbers from Q1 of 2021 represented a decrease of 39.2%. Having said that, the industry showed great resilience compared to the Q4 results of 2020. The Php23.27 billion represented a 17.5% increase from 2020’s Q4 results. This is clear evidence that the gambling industry in the Philippines is dusting itself from the whirlwind that threw off many businesses off their tracks.
Total GGR for Q1 Drops by Nearly Php25 Billion
According to PAGCOR’s report, electronic games, bingos, licensed casinos, and casinos operated by this regulator recorded Php30.03 billion in the first quarter of 2021. Compare this figure with that recorded in the same period in 2020 and you’ll spot a significant drop in the GGR. At the close of 2020’s Q1, the industry recorded Php53.92 billion.
Despite the darkness portrayed by this comparison, there’s light. The total GGR of Q1 in 2021 represented an increase compared to the last quarter of 2020 that saw revenues stagnate at Php25.80 billion.
These are truly trying times in the Philippines and across the world. However, the roll-out of vaccines globally is a sign that normalcy is slowly creeping in. At least 2 million Filipinos have received the COVID jab. This is according to data from the ABS-CBN. From this number, 1.7 million Filipinos have received the initial dose.
On the other hand, 320,000 have received the entire dose. The vaccination drive is rather slow not just in the Philippines but also across the world due to a shortage of vaccines. But steady as she goes, the ship surges forward to normalcy, showing encouraging signs of the industry reeling back from the effects of COVID-19.
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