Good morning. When wallets tighten, gaming feels it first. Philippine gaming revenue dropped 16 percent in 1Q26 as e-games – once a major growth driver – lost traction amid inflationary pressure and geopolitical uncertainty. PAGCOR struck an optimistic tone, but the strain is already showing across operators. Meanwhile, Solaire operator Bloomberry tipped into a $2 million quarterly loss as VIP and Premium Mass kept shrinking at Entertainment City. Turning to Macau, Moody’s sees SJM’s EBITDA climbing to $523.6 million in 2026 on Casino L’Arc earnings – though the agency still cut its rating, citing only gradual deleveraging ahead.
What you need to know
- Philippine gaming GGR fell 16 percent to $1.42 billion in 1Q26, dragged down by a 22 percent slump in the electronic gaming segment.
- Bloomberry swung to a $2 million 1Q26 loss as Solaire VIP and premium mass weakness drove a 13 percent decline in group GGR.
- Moody’s sees SJM EBITDA rising to $523.6 million in 2026 on Casino L’Arc gains despite gradual deleveraging concerns.
On the radar
- Genting concedes RWS market share loss as shareholders question position.
- S&P says NagaCorp unlikely to return to 2019 earnings levels soon.
- Macau 1Q26 MICE attendees fall 8.7% to 181k despite stable event count.
- Cambodia’s gambling regulator inspects sealed casinos to verify closures.
AGB Intelligence
PHILIPPINES
PAGCOR reports 1Q26 GGR at $1.42 billion, down 16%
The Philippine gaming industry generated $1.42 billion in gross gaming revenues in 1Q26, down 15.87 percent year-on-year, according to PAGCOR. The decline was driven by a 22.43 percent drop in the electronic gaming segment, which includes e-games, e-bingo, bingo, and poker. Licensed casinos remained the top contributor with $722.6 million, while PAGCOR Chairman Alejandro H. Tengco cited softer spending and geopolitical tensions.
Industry Updates
- Wynn secures Top Workplace and People Transformation awards from HR Asia.
- Galaxy Gaming & Hasbro debut MONOPOLY Table Games at Pechanga Casino.
- ELA Games’ King and Flame nominated for Best New Game Release 2026.
Corporate Spotlight
How Crypto Adoption in Asia is Changing iGaming Payments
Yevhen Krazhan, CSO at GR8 Tech, explores how surging crypto adoption across Asia is revolutionizing iGaming payments, stating: “When I look at what’s changing fastest in Asia, it’s payment behavior,” as wallets, stablecoins, and seamless cross-border transfers become deeply ingrained in player habits. The winning operators will be those that offer fast, reliable, and local deposits and withdrawals. To make sense of it, Yevhen breaks Asia into two crypto realities.
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