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Philippines gaming revenue surges in 1Q24, hits new record high

The Philippine Amusement and Gaming Corporation (PAGCOR) announced that the Philippines’ gross gaming revenues (GGR) for the first quarter of the year soared to PHP81.70 billion ($1.42 billion), marking an impressive 18.54 percent increase from the PHP68.92 billion ($1.20 billion) recorded in the same period last year.

This latest achievement sets a new record high, affirming the sustained growth trajectory of the local gaming industry since the post-pandemic recovery commenced in the latter part of 2022.

Alejandro H. Tengco, Chairman and CEO of PAGCOR, highlighted the remarkable performance of the Electronic Games (E-Games) sector, which saw revenues skyrocket to PHP22.5 billion ($391.28 million), a staggering six-fold increase compared to the first quarter of 2023’s PHP3.5 billion ($60.84 million).

Alejandro. H Tengco, Chairman and CEO, PAGCOR
Alejandro H. Tengco, Chairman and CEO of PAGCOR

“The E-Games revenue performance continues to exceed our projections, reflecting the profound impact of gaming technology and the widespread adoption of mobile devices on both our daily lives and entertainment preferences,” Tengco noted

“Given the ongoing evolution of technology and its influence on various aspects of our lives, including entertainment, it’s evident that the future of gaming lies within this sector.”

Attributing part of the success to PAGCOR’s enhanced regulatory framework and reduced fees, Tengco expressed confidence that these favorable conditions would attract more gaming companies, both locally and internationally, to explore business and investment opportunities in the Philippine gaming industry.

Despite the performance, licensed casinos remained the primary contributor to the first quarter GGR, raking in PHP49.7 billion ($863.47 million). However, this figure is slightly lower than the PHP54.15 billion ($941.66 million) recorded year-on-year.

PAGCOR-operated casinos under the Casino Filipino brand reported revenues of PHP4.69 billion ($81.55 million), a decrease from the previous year’s PHP5.13 billion ($89.25 million), highlighting the segment’s ongoing challenge as players increasingly transition to online platforms.

PAGCOR, Casino Filipino, Online gaming platform, Philippines

Meanwhile, bingo operations contributed PHP4.81 billion ($83.53 million) to the GGR, down from PHP6.13 billion ($106.64 million) in the first quarter of 2023.

Looking ahead, the country’s projected full-year GGR stands at PHP336 billion ($5.84 billion), with the first quarter’s total already surpassing 24 percent of the target. Traditionally, gaming revenues experience a surge in the final quarter of the year.

Although the first quarter GGR for 2024 surpassed the previous record of PHP80.12 billion ($1.39 billion) set in the last quarter of 2023, which saw full-year GGR reach PHP285.27 billion ($4.95 billion), the industry remains optimistic about sustained growth and development.

Nelson Moura
Nelson Moura
Editor and reporter with 10 years of experience in Greater China, namely Taiwan and Macau, in printed and online media, with a focus on finance, gaming, politics, crime, business and social issues.