The Philippine gaming sector, including non-casino operations, generated PHP81.70 billion in gross gaming revenue (GGR) in the first quarter of 2024, marking an 18.5 percent increase from the prior-year quarter. Furthermore, the tally rose by 2.0 percent sequentially, setting a new quarterly record.
This strong upward trend continued as the local gaming industry bounced back after the pandemic, starting in the last quarter of 2022, Philippine Amusement and Gaming Corp (PAGCOR) announced on Wednesday. PAGCOR, the country’s casino regulator, reported that the electronic-delivered games segment maintained its record-breaking performance, generating PHP22.5 billion in GGR for the first quarter. This figure exceeds six times the PHP3.5 billion recorded in the same period last year.
Alejandro Tengco, PAGCOR chairman and CEO, highlighted the e-Games sector’s impressive growth, stating, “This reflects how gaming technology and the proliferation of mobile devices influence not only our daily lives but also our entertainment choices.” He added that technology continues to reshape business and leisure, making e-Games the future of the gaming industry.
Meanwhile, the country’s licensed commercial-sector casinos remained the largest contributor to first-quarter GGR, bringing in PHP49.7 billion. However, this represented an 8.2 percent year-on-year decline. Similarly, PAGCOR-operated Casino Filipino venues generated PHP4.69 billion in GGR, down 8.6 percent from the previous year.
PAGCOR explained that the decline in land-based casino revenues reflects the growing migration of players to online platforms. Despite these challenges, PAGCOR expects the nation’s gaming industry to reach PHP336.38 billion in GGR this year, representing a 17.9-percent increase compared with 2023. The first-quarter total already accounted for 24.3 percent of this annual target.
Moreover, PAGCOR reported a total income of PHP25.24 billion in the first quarter of 2024, a 42.6 percent increase from the previous year.
