The Philippine Amusement and Gaming Corporation (PAGCOR) has reported impressive growth in the country’s gross gaming revenues (GGR) for the first quarter of 2024, reaching PHP81.70 billion (US$1.4 billion). This represents an 18.54% increase from the PHP68.92 billion (US$1.2 billion) recorded during the same period last year.
Electronic Games Lead the Charge
A standout performer in this growth trajectory has been the Electronic Games (E-Games) sector. E-Games generated PHP22.5 billion in revenue, a remarkable surge from the PHP3.5 billion recorded in the first quarter of 2023. PAGCOR Chairman and CEO Alejandro H. Tengco attributed this exceptional performance to advancements in gaming technology and the widespread use of mobile devices.
“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,” Mr. Tengco commented.
He further emphasized the future potential of the E-Games sector, stating, “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.”
Casino Revenues Decline
Despite the strong performance of E-Games, licensed casinos remain the largest contributors to the GGR, generating PHP49.7 billion. However, this marks a decrease from the PHP54.15 billion reported year-on-year. Similarly, PAGCOR-operated casinos under the Casino Filipino brand saw revenues drop to PHP4.69 billion from the previous year’s PHP5.13 billion. These declines indicate a shifting preference among players towards online gaming platforms.
Bingo Operations See Downturn
Bingo operations also experienced a downturn, contributing PHP4.81 billion compared to PHP6.13 billion in the first quarter of 2023. The decline in bingo revenues highlights the changing dynamics in the gaming industry as more players gravitate towards digital gaming options.
Surpassing Previous Records
Despite declines in some segments, the total GGR for the first quarter of 2024 surpassed the previous record of PHP80.12 billion set in the last quarter of 2023. The first quarter’s performance already accounts for more than 24% of the projected full-year GGR of PHP336 billion, signaling a strong start to the year.
Aiming for Regional Dominance
The Philippines is positioning itself to surpass Singapore and become the second-largest gambling destination in Asia. The return of major players like 188Bet also signifies growing confidence in the Philippines’ regulatory environment and market potential.
The Philippine gaming industry has demonstrated significant growth in the first quarter of 2024, driven primarily by the explosive performance of the E-Games sector. While traditional gaming segments like licensed casinos and bingo operations have seen declines, the overall market shows a positive trend with a record-setting GGR. As the country aims to become a leading gambling destination in Asia, the focus on technological advancements and regulatory improvements will be crucial in sustaining this growth trajectory.