The Philippine gaming sector, including non-casino operations, posted PHP89.23 billion in gross gaming revenue (GGR) in Q2 of 2024. This total covered the three months ending June 30. It marked a 32.3 percent increase compared to the same period last year.
Moreover, the total rose by 9.2 percent from the previous quarter. The Philippine Amusement and Gaming Corp (PAGCOR) released this update on Sunday. With this announcement, PAGCOR confirmed a new quarterly record for industry-wide GGR.
Notably, the electronically-delivered games segment led growth across the entire industry. In the second quarter alone, this segment reached PHP30.85 billion in revenue.
Alejandro Tengco, chairman and chief executive of PAGCOR, emphasized the momentum. He noted that the e-Games sector “recorded an impressive 525-percent increase” year-on-year.
“This sector continues to exceed targets,” Tengco added. “It should also help compensate for any shortfall caused by the President’s order to ban offshore gaming operations by year-end.”
Despite concerns, PAGCOR reassured stakeholders that banning offshore online gaming operators will have a limited impact. The agency highlighted that this segment contributes less than 5 percent of total GGR.
Meanwhile, licensed commercial-sector casinos remained the top contributor to second-quarter GGR. These properties generated PHP49.5 billion. However, this figure showed a 4.3 percent year-on-year decline. It also remained flat when compared to the previous quarter.
PAGCOR-operated casinos, under the Casino Filipino brand, generated PHP4.20 billion from April to June. This reflected a 14.8 percent decrease from the previous year. It also showed a 10.4 percent drop from the first quarter of 2024.
Looking ahead, PAGCOR projects that the entire gaming industry will generate PHP336.38 billion in GGR this year. If achieved, this would represent a 17.9-percent increase compared to 2023. The first-half total already hit 50.8 percent of the agency’s target.
In a separate July report, PAGCOR also announced strong financials. The agency recorded a net income of PHP6.56 billion for the first half of 2024. This marked a 121.5 percent increase compared to the same period last year.
Beyond traditional table games, the market for electronic gaming continues to grow rapidly. Players now enjoy a wide range of options in terms of gameplay, design, and themes. Additionally, online platforms offer personalized experiences, allowing players to find games that match their preferences.
