Contributing PHP22.5 billion in GGR for the first quarter of 2024
In the first quarter of 2024, the Philippine gaming industry, which encompasses both casino and non-casino operations, generated gross gaming revenue (GGR) of PHP81.70 billion (US$1.42 billion). This figure marks an 18.5 percent increase compared to the same period last year and a 2.0 percent rise from the previous quarter.
According to the Philippine Amusement and Gaming Corporation (Pagcor), the latest GGR figure sets a new record, continuing the upward trend seen since the post-pandemic recovery began in late 2022. This announcement was made on Wednesday by the country’s casino regulatory body.
The electronic-delivered games sector notably maintained its record-breaking performance, contributing PHP22.5 billion in GGR for the first quarter of 2024. This amount is more than six times the PHP3.5 billion generated in the first quarter of 2023.
Alejandro Tengco, Pagcor’s chairman and chief executive, remarked on the impressive e-Games revenue performance, highlighting that it has consistently surpassed the regulator’s forecasts. He noted, “This reflects how gaming technology and the widespread use of mobile devices are shaping our daily lives and entertainment choices.”
Mr. Tengco further added, “Given the continual influence of technology on our lifestyles and business operations, and even our entertainment preferences, the future of gaming evidently lies within the e-Games sector.”
The nation’s licensed commercial casinos remained the largest contributors to first-quarter GGR, bringing in PHP49.7 billion. However, this figure represents an 8.2 percent decline year-over-year.
Pagcor-operated casinos, under the Casino Filipino brand, reported a GGR of PHP4.69 billion for the first quarter, an 8.6 percent decrease compared to the same period last year.
Pagcor noted that the year-over-year decline in GGR from land-based casinos underscores the challenges faced by this segment as more players migrate to online platforms.
The regulator anticipates the Philippine gaming industry will generate PHP336.38 billion in GGR in 2024, a 17.9 percent increase from 2023. The first-quarter total accounted for 24.3 percent of Pagcor’s annual target.
In April, Pagcor reported total income of PHP25.24 billion for the first quarter of 2024, reflecting a 42.6 percent increase from the previous year’s period.
This sustained growth in the Philippine gaming sector demonstrates the significant impact of technological advancements and changing consumer behaviors on the industry. As the shift towards online and electronic gaming continues, the future of the sector looks increasingly
