Good Morning. The secret is to aim high. In 2024, the Philippine Amusement and Gaming Corporation (PAGCOR) is projecting gross gaming revenues (GGR) to hit $5.9 billion. This represents a notable increase of 17.9 percent compared to the actual GGR of $5 billion recorded in 2023. Meanwhile, Macau gaming operators MGM and Wynn have announced the resumption of dividends for the first time since the pandemic.
What you need to know
- The Philippine Amusement and Gaming Corporation is anticipating gross gaming revenues in 2024 to reach some $5.9 billion.
- JP Morgan says that MGM and Wynn’s dividend resumption signals sustained cash returns with profit growth from demand recovery.
- The Star CEO Robbie Cooke resigns amidst ongoing second inquiry over suitability for Sydney casino license.
On the radar
- Thai Minister supports legalizing casinos.
- IGT implements changes to board and executive team.
- SJM Resorts inaugurates Palazzo Versace hotel.
- Phu Quoc pilot casino with $259.1 mln in accumulated losses.
- Suspects in alleged $301M casino junket financing scam indicted.
AGB Intelligence
PHILIPPINES
Philippines GGR to hit $5.9 bln in 2024
In 2024, the Philippine Amusement and Gaming Corporation (PAGCOR) anticipates gross gaming revenues (GGR) to reach $5.9 billion, marking a notable 17.9% increase of $906.3 million compared to the 2023 recorded GGR of $5 billion. Notably, PAGCOR-run casinos are forecasted to make a significant contribution, with projected gaming revenues expected to reach $1.4 billion by year-end.
Corporate Spotlight
Basketball player Kai Sotto is the new 1xBet ambassador in Asia
1xBet, a leading global betting company, proudly announces its partnership with rising basketball star Kai Sotto. Hailing from the Philippines, Kai Sotto will serve as the brand ambassador, championing basketball in his homeland and across various Asian nations, extending the 1xBet brand presence across Asia.
Industry Updates
- DFNN Group and Spain’s CIC Consulting Informático formalize JV.
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