The Philippine gaming industry is poised for significant growth in 2024, as outlined in the recently signed “2024 Performance Scorecard” by the Philippine Amusement and Gaming Corporation (PAGCOR) and the Governance Commission for Government-Owned and Controlled Corporations (GCG). This document not only sets forth revenue projections but also delineates key targets and commitments for the year ahead.
Overview of Projections:
According to the scorecard, the Philippine gaming industry is forecasted to achieve gross gaming revenues (GGR) of Php336.4 billion (US$6.0 billion) in 2024. This projection reflects a substantial 17.9% increase over the actual GGR recorded in 2023, indicating a robust growth trajectory for the industry.
Revenue Breakdown:
PAGCOR-run casinos are expected to contribute significantly to this growth, with projected revenues from gaming operations reaching Php81.3 billion (US$1.45 billion) by the end of 2024. Despite global challenges and evolving market dynamics, this represents a noteworthy 2.4% year-on-year increase, underlining the resilience of PAGCOR’s operations amidst changing landscapes.
Commitments and Targets:
PAGCOR’s commitments extend beyond revenue generation. The agency has pledged to uphold various targets, including the 100% payment of mandatory contributions to recipient agencies, achieving a net income of Php5.27 billion (US$94 million), and ensuring a 98% collection efficiency of license and regulatory fees from regulated gaming entities.
Additionally, PAGCOR aims for a 90% disbursements budget utilization rate, the retention of ISO 9001:2015 Certification, timely processing of transactions within prescribed periods, attainment of all 2024 deliverables, and an enhancement of organizational competency, among other goals.
Contextual Insights:
The signing of the “2024 Performance Scorecard” follows closely on the heels of PAGCOR Chairman and CEO Alejandro Tengco’s positive appraisal of the Philippine gaming industry’s enduring growth. Tengco’s remarks, made at Inside Asian Gaming’s Manila After Dark social networking event, underscored the industry’s resilience and vitality, drawing attention to its pivotal role in driving economic development and fostering industry innovation.
As the Philippine gaming industry charts its course for 2024, the signed performance scorecard provides a comprehensive roadmap, outlining revenue projections, key targets, and commitments. With a focus on sustainable growth, regulatory compliance, and organizational excellence, PAGCOR and its stakeholders are poised to navigate challenges and seize opportunities, further solidifying the industry’s position as a key driver of economic prosperity and social advancement in the Philippines.