Philippines: Gross gaming revenues surged by 18.5% to USD 1.4 B in the 1Q

The Philippine Amusement and Gaming Corporation (PAGCOR) Chairman and CEO Alejandro H. Tengco said the Electronic Games (E-Games) sector continues its record-breaking performance, bringing in Php22.5 billion or more than six times the 2023 first quarter revenues of Php3.5 billion.

“The E-Games revenue performance continues to exceed our projections, and this reflects how gaming technology and the proliferation of mobile devices is influencing not only our daily lives but our entertainment choices as well,” he said.

“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 sector,” Mr. Tengco added.

The PAGCOR chief said the state-run gaming agency’s improved regulatory policies and reduced fees also contributed to the success of the E-Games sector.

We are confident that with our new regulatory policies, more gaming companies both here and abroad will continue to look at business and investment opportunities in the Philippine gaming industry,” he said.

The biggest contributor to the 1Q GGR is still the country’s licensed casinos which brought in Php49.7 billion, although it is lower than the PhpPhp54.15 billion year-on-year.

PAGCOR-operated casinos under the Casino Filipino brand brought in Php4.69 billion, also lower than the previous year’s Php5.13 billion, underscoring the challenge faced by the segment as more players continue to migrate to online platforms.

Bingo operations contributed Php4.81 billion to the GGR, also lower than the 2023 first quarter take of Php6.13 billion.

The country’s projected full year GGR is Php336 billion and the first quarter total is more than 24% of the target. Gaming revenues traditionally spike in the last quarter of the year.

The first quarter GGR for 2024 is however still higher than the previous record of Php80.12 billion set in the last quarter of 2023, when full-year GGR reached Php285.27 billion.