The Philippine Amusement and Gaming Corporation (PAGCOR) has disclosed its gross gaming revenue (GGR) for the second quarter of 2024, which reached PHP89.23 billion (US$1.56 billion). This represents a significant 32.3% increase compared to the same period last year and a 9.21% rise from the first quarter of 2024.
PAGCOR Reports Robust Q2 2024 Gross Gaming Revenue with Notable Year-on-Year Growth
Remarkable Growth in E-Games Sector
PAGCOR Chairman and CEO Alejandro H. Tengco emphasized the impressive 525% growth in the e-games sector, with revenue rising from PHP4.93 billion year-on-year. Tengco indicated that this growth is anticipated to alleviate potential revenue shortfalls resulting from the President’s directive to end offshore gaming operations, including POGOs, by the end of the year.
Licensed Casinos Continue as Major Revenue Source
Licensed casinos contributed PHP49.48 billion to the GGR, remaining the largest revenue source despite a 4% decrease from the previous year. This decline reflects a modest downturn in casino operations but underscores their ongoing importance in the gaming industry.
Challenges for PAGCOR-Operated Casinos and Bingo Operations
PAGCOR-operated casinos, under the Casino Filipino brand, generated PHP4.2 billion, marking a 14.8% decline year-on-year and a 10.41% decrease from the previous quarter. Bingo operations also saw a revenue drop, with earnings falling to PHP4.69 billion.
Concerns Over POGO Ban Impact
The impending ban on POGOs has raised concerns about potential revenue losses of up to PHP7 billion, which could negatively impact the overall GGR. Nevertheless, the robust performance of the e-games sector is expected to mitigate some of these losses.
Conclusion: The Performance
PAGCOR’s strong performance in Q2 2024, highlighted by significant growth in the e-games sector, demonstrates resilience amidst challenges such as the impending POGO ban. While certain segments, including PAGCOR-operated casinos and bingo operations, have faced declines, the overall increase in GGR reflects the sector’s continued strength and adaptability.
FAQs About PAGCOR’s Strong Performance in Q2 2024
1. What was PAGCOR’s gross gaming revenue (GGR) for the second quarter of 2024?
PAGCOR reported a gross gaming revenue of PHP89.23 billion (US$1.56 billion) for Q2 2024, marking a 32.3% increase compared to the same period last year and a 9.21% rise from the first quarter of 2024.
2. What sector experienced significant growth according to PAGCOR’s Q2 2024 report?
The e-games sector saw a remarkable 525% increase in revenue, rising from PHP4.93 billion year-on-year. This growth is anticipated to help offset potential revenue losses from the ban on offshore gaming operations, including POGOs.
3. How did licensed casinos perform in terms of revenue during Q2 2024?
Licensed casinos generated PHP49.48 billion in gross gaming revenue, making them the largest revenue contributor despite a 4% decrease from the previous year. This decline indicates a slight downturn in casino operations.
4. What were the challenges faced by PAGCOR-operated casinos and bingo operations in Q2 2024?
PAGCOR-operated casinos, under the Casino Filipino brand, contributed PHP4.2 billion, reflecting a 14.8% decrease year-on-year and a 10.41% drop from the previous quarter. Bingo operations also experienced a revenue decline, with earnings falling to PHP4.69 billion.
5. What concerns have arisen due to the POGO ban, and how might it affect PAGCOR’s revenue?
The POGO ban has raised concerns about potential revenue losses up to PHP7 billion, which could negatively impact overall gross gaming revenue. However, the strong performance of the e-games sector is expected to mitigate some of these potential losses.
