The Philippine gaming sector, including non-casino operations, generated PHP194.74 billion in gross gaming revenue (GGR) during the second quarter of 2024. This marked a 19.21 percent increase compared to the same period in 2023, according to a Sunday press release from the Philippine Amusement and Gaming Corporation (PAGCOR).
PAGCOR also reported PHP6.56 billion in net income for the quarter ending June 30. This figure reflects a 121.48 percent year-on-year rise.
PAGCOR Chairman and CEO Alejandro Tengco credited the agency’s strong showing to continuous reforms. He explained that updated regulations played a vital role in boosting industry performance and investor trust.
“These earnings clearly reflect the positive outcome of the reforms and enhanced regulations we continue to implement,” Tengco stated.
He added, “PAGCOR’s strong net income growth translates directly to a larger contribution to nation-building.” PAGCOR remitted PHP31.82 billion to the national Treasury in Q2 2024, significantly higher than the PHP22.62 billion it remitted in the same quarter last year.
PAGCOR’s Q2 gross revenues hit PHP51.76 billion, showing a 42.92 percent rise from the previous year. Gaming operations made up the majority at PHP45.39 billion.
The electronically delivered gaming sector—including e-Bingo, e-Games, and bingo grantees—generated PHP20.66 billion. This figure accounted for 45.53 percent of gaming-related revenue.
Meanwhile, licensed commercial-sector casinos contributed PHP16.06 billion, representing 35.44 percent of PAGCOR’s total quarterly revenue.
Revenues from the publicly owned Casino Filipino chain totaled PHP6.93 billion, or 15.27 percent of the Q2 revenue mix.
Tengco emphasized that PAGCOR remains firmly on track to reach—or even exceed—the PHP100 billion annual gross revenue mark in 2024.
“Given the phenomenal revenue increase in the e-Games sector, and with more investors signaling interest in the Philippine market, we are confident that 2024 will be a banner year for PAGCOR,” he said.
In early June, Tengco also announced PAGCOR’s plan to reduce the rates for electronic gaming operators again by January 2025. This move aims to attract more digital entrants and strengthen the country’s online gaming segment.
For Q2 GGR, Tengco noted that licensed casinos remained the top contributors. They generated PHP99.16 billion during the period.
However, Tengco also highlighted the extraordinary growth of the e-Games sector. He described the performance as “domestic-driven” and “unprecedented.”
From April to June, the e-Games sector recorded PHP63.01 billion in revenue, up 208.4 percent year-on-year.
In contrast, PAGCOR-operated casinos brought in PHP8.89 billion in GGR, reflecting an 11.60 percent decline from Q2 2023.
Looking ahead, PAGCOR expects the nation’s gaming industry to reach PHP336.38 billion in total GGR by year-end. That would represent a 17.9 percent increase from 2023.
The Q2 total already represents 57.89 percent of PAGCOR’s full-year target, signaling that the sector is well ahead of pace.
Gaming revenue continues to grow year after year. Online gaming, in particular, has fueled this surge. The convenience of 24/7 access and seamless transactions has widened the market reach for digital operators.
