The Philippine gaming sector, including non-casino operations, generated gross gaming revenue (GGR) of PHP81.70 billion in the first quarter of 2024, marking an 18.5 percent increase from the prior-year quarter. The tally rose by 2.0 percent sequentially.
This latest quarterly GGR figure set another new record, continuing an upward trend for the local gaming industry since the post-pandemic recovery began in the last quarter of 2022, according to the Philippine Amusement and Gaming Corp (PAGCOR), the country’s casino regulator, in a Wednesday announcement.
PAGCOR reported that the electronic-delivered games segment sustained its record-breaking performance, achieving PHP22.5 billion in GGR for the three months ending March 31, more than six times the PHP3.5 billion recorded in the first quarter of 2023.
Alejandro Tengco, chairman and chief executive of Pagcor, noted in the release that e-Games revenue performance continues to exceed the regulator’s projections. He stated, “This reflects how gaming technology and the proliferation of mobile devices is influencing not only our daily lives but our entertainment choices as well.”
With the way technology is constantly shaping our lives and the way we do business, and even the way we choose to be entertained, the future of gaming clearly lies in this [e-Games] sector
Alejandro Tengco, PAGCOR Chairman
The country’s licensed commercial-sector casinos remained the largest contributor to first-quarter GGR, bringing in PHP49.7 billion, though this figure was down 8.2 percent year-on-year, according to the release.
PAGCOR-operated casinos, under its network of Casino Filipino venues, generated PHP4.69 billion in GGR in the first quarter, an 8.6 percent decline from a year earlier.
PAGCOR explained that the year-on-year decline in GGR at land-based casino venues highlighted the challenge faced by the segment as more players migrate to online platforms.
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-quarter aggregate represented 24.3 percent of the agency’s target.
In April, state-run PAGCOR reported total income of PHP25.24 billion for the opening quarter of 2024, a 42.6 percent increase from the prior-year period.