The Philippine gaming sector, including non-casino operations, generated gross gaming revenue (GGR) of just above PHP194.74 billion in the first half of 2024, marking a 19.21 percent increase from the same period last year, according to a Sunday press release from the state-run Philippine Amusement and Gaming Corp (PAGCOR).
The gaming regulator-cum-operator reported net income of PHP6.56 billion for the six months ending June 30, a rise of 121.48 percent compared to the previous year.
PAGCOR chairman and chief executive, Alejandro Tengco, said the first-half earnings were a “testament to the positive result of the reforms and enhanced regulations being implemented” by his agency.
“PAGCOR’s robust net income growth translates to a larger contribution to nation building,” stated Tengco. “We remitted PHP31.82 billion to the Treasury in the first six months compared to PHP22.62 billion in the same period last year.”
PAGCOR’s first-half gross revenues totaled PHP51.76 billion, an increase of 42.92 percent from a year ago.
Gaming operations contributed the bulk of the agency’s revenues at PHP45.39 billion, with the electronically-delivered gaming sector, including “e-Bingo, e-Games and bingo grantees,” generating PHP20.66 billion or 45.53 percent of that amount, according to the release.
Licensed commercial-sector casinos in the country generated PHP16.06 billion, accounting for about 35.44 percent of PAGCOR’s first-half revenues.
Revenues from PAGCOR’s publicly-owned Casino Filipino chain of gaming venues reached PHP6.93 billion, representing 15.27 percent of the first-half total.
Tengco said the agency was “on track to reach or even breach” the PHP100 billion threshold in 2024 in terms of annual gross revenue.
“Given the phenomenal revenue increase in the e-Games sector, and with more players and investors signifying their intent to enter the Philippine market, we are confident that the year 2024 will be truly a banner year for PAGCOR,” he said.
In early June, Tengco announced the agency’s plan to reduce the rates for operators of electronic-delivered games in the country again in January next year.
Regarding GGR, Tengco noted that licensed casinos remained the “biggest contributors” during the first half of 2024, generating PHP99.16 billion.
However, Tengco highlighted the e-Games sector’s highest increase during the period, “underscoring the sector’s unprecedented performance,” which he described as “domestic-driven.”
The agency reported that the e-Games sector recorded PHP63.01 billion in revenues in the six months ending June 30, up 208.4 percent from the previous year.
PAGCOR-operated casinos brought in PHP8.89 billion in GGR in the first half, a decline of 11.60 percent from a year earlier.
PAGCOR expects the nation’s gaming industry to generate PHP336.38 billion in GGR this year, a 17.9-percent increase compared with 2023. The first-half total represented 57.89 percent of the agency’s target.
Gaming revenue still continues to grow every year, especially for online gaming. The convenience to play anytime, anywhere and the ease of cashing in and out greatly helps grow the market reach for online gaming operators.