Your Daily Asia Gaming eBrief: PAGCOR revenue of $1bln in 2022, profit up 20-fold

Good morning. The Philippines' strategy to open up saw serious gains for PAGCOR in 2022, with the operator/regulator's gaming revenue topping $1 billion and its profit rising 20-fold compared to the previous year. In Macau, the case against former second-top junket group Tak Chun heats up, with accusations of $4.46 billion in under-the-table bets. And the company Tak Chun acquired in 2020, Macau Legend, is also facing issues over its $271 million Cape Verde casino after failing to meet construction deadlines.

What you need to know

• PAGCOR records revenue of $1 billion in 2022, up 68 percent y-o-y, while profits rise a staggering 20-fold.
• Tak Chun junket trial continues, with authorities alleging $4.46 billion in under-the-table betting.
• Macau Legend faces possible legal action by government of Cape Verde over failed commitments on its $271 million casino in Praia.
• Macau hotel occupancy in 2022 reached just 38 percent, but expectations are for post-CNY demand to remain at 70 percent or above.

On the radar

• PH senators support PAGCOR assets sell-off to finance Maharlika fund.
• Single entry/exit requirement between Zhuhai-Macau border extended.
• Mohegan to cease voluntary filing with SEC.
• Crown workers receive pay increase after union negotiations successful.
• BetMakers reshuffles board with new appointments of President and CEO.
  

AGB Intelligence

PHILIPPINES

PAGCOR: $1bln in 2022 gaming revenue, profits up 20-fold

Industry Updates

• SIS signs landmark 24/7 racing deal with BetConstruct.
• NeoGames Group set to lay out powerful collective vision at ICE.

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