The Philippines generated PHP30.02 billion ($624.9 million) in gross gambling revenue in Q1, down 28 percent from the same period last year, but higher than the PHP25.79 billion recorded in the final quarter of the year.
Licensed casinos generated PHP23.26 billion, up from PHP19.1 billion in Q4.
Casinos in the Philippines have been among the hardest hit in Asia by the pandemic, resuming operations on a highly limited basis only. IRs in Entertainment City are currently closed again as the government seeks to control the pandemic.
The world is bouncing back, or at least coming to grips with the fact that going forward not much will be the same as before. Commendably, this industry quickly understood the need to adapt to a new normal, and that the days of targeting the low hanging fruit of the VIP sector are gone.
Over the years, many of the answers have been remarkably prescient in their forecasts for the near-term direction of Asia’s gaming industry. However, we can safely say that no one came anywhere close to guessing what 2020 may have had in store.