PH Gross Gaming Revenues Up 18.5% To PHP 81.7 Billion In 1Q

The Philippine Amusement and Gaming Corporation (PAGCOR) announced that the country’s Gross Gaming Revenues (GGR) in the first quarter of the year reached PHP81.70 billion, an 18.54% increase from the PHP68.92 billion in the same quarter last year.

PAGCOR's latest GGR sets another new record, sustaining an upward trend for the local gaming industry since the post-pandemic recovery started in the last quarter of 2022.

The latest GGR sets another new record, sustaining an upward trend for the local gaming industry since the post-pandemic recovery started in the last quarter of 2022.

PAGCOR Chairman and CEO Alejandro H. Tengco highlighted the exceptional performance of the Electronic Games (E-Games) sector, which brought in PHP22.5 billion—more than six times the PHP3.5 billion recorded in the first quarter of 2023.

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

“With the way technology is constantly shaping our lives, 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 also attributed the success of the E-Games sector to the state-run gaming agency’s improved regulatory policies and reduced fees.

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

The biggest contributor to the 1Q GGR remains the country’s licensed casinos, which brought in PHP49.7 billion, although this is lower than the PHP54.15 billion year-on-year.

PAGCOR-operated casinos under the Casino Filipino brand generated PHP4.69 billion, down from the previous year’s PHP5.13 billion, underscoring the challenge faced by the segment as more players migrate to online platforms.

Bingo operations contributed PHP4.81 billion to the GGR, also lower than the PHP6.13 billion recorded in the first quarter of 2023.

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.