The Philippine Amusement and Gaming Corporation (PAGCOR) is anticipating gross gaming revenues (GGR) in 2024 to reach PHP336.38 billion ($5.9 billion).
This target represents a significant increase of 17.9 percent, equivalent to PHP51.11 billion, ($906.3 million) compared to the actual GGR recorded in 2023, which stood at PHP285.27 billion ($5 billion).
Specifically focusing on PAGCOR-run casinos, the projections indicate a robust performance, with anticipated revenues from gaming operations expected to reach PHP81.27 billion ($1.4 billion) by the end of the year.
This forecast marks a 2.39 percent growth, amounting to PHP1.9 billion ($33.6 million) more than the actual PAGCOR casino revenues recorded in 2023, which amounted to PHP79.37 billion ($1.4 billion).
During the 6th ASEAN Gaming Summit last week, Alejandro H. Tengco, Chairman and CEO of PAGCOR, commented that privatization and regulatory reforms should position the Philippines as the second largest gaming jurisdiction in the Asian Pacific sphere, second only to Macau.
Outlined within the 2024 Performance Scorecard are several key objectives for PAGCOR, including a commitment to ensuring the full payment of mandatory contributions to recipient agencies.
Additionally, the agency aims to achieve a net income of PHP5.2 billion ($92.2 million) (after income tax deduction) and maintain a high collection efficiency rate of 98 percent for license and regulatory fees from its regulated gaming entities.
Starting April 1, the operator will implement lower percentage license fees for both online and on-site betting platforms, with gaming operators to remit to PAGCOR on the average rate of 35 percent, about 5 percent lower than the current rate.
PAGCOR’s Casino Filipino properties, starting in late 2025 to early 2026.
