The Philippine Amusement and Gaming Corporation (PAGCOR) recently announced a remarkable surge in the country’s gross gaming revenues (GGR) for the first quarter of the year. 

Philippine Amusement and Gaming Corporation (PAGCOR)

Record-Breaking Revenues

In an unprecedented achievement, the Philippines recorded a staggering PHP81.70 billion (approximately US$1.4 billion) in gross gaming revenues for the first quarter of 2024. This represents an impressive 18.54% increase compared to the same period last year, underscoring the robust growth trajectory of the gaming sector in the country.

Key Contributors to Growth

PAGCOR Chairman and CEO, Alejandro H. Tengco, attributed this exceptional performance to the remarkable surge in revenue from the Electronic Games (E-Games) sector. Revenue from E-Games soared to PHP22.5 billion, marking a substantial increase from the PHP3.5 billion recorded in the first quarter of 2023.

The Rise of E-Games: A Technological Revolution

Mr. Tengco emphasized the significant influence of gaming technology and the widespread adoption of mobile devices on consumer preferences and entertainment choices. He noted, “The E-Games revenue performance continues to exceed our projections, reflecting how gaming technology and the proliferation of mobile devices are reshaping our daily lives and entertainment preferences.”

Future Outlook

With technology continually shaping lifestyles and business landscapes, Mr. Tengco expressed confidence in the future of gaming, asserting that the growth trajectory lies predominantly in the E-Games sector.

Challenges and Opportunities in the Casino Segment

While licensed casinos remained the largest contributors to the GGR, generating PHP49.7 billion, a slight decline was observed compared to the previous year. PAGCOR-operated casinos under the Casino Filipino brand also experienced a decrease, bringing in PHP4.69 billion.

Shift to Online Platforms

The decline in revenue from licensed and PAGCOR-operated casinos highlights the challenges posed by the increasing popularity of online gaming platforms. As more players transition to digital avenues, traditional casino operators face the imperative to adapt and innovate to remain competitive in the evolving landscape.

Bingo Operations: An Integral Segment

Bingo operations, while contributing PHP4.81 billion to the GGR, also experienced a decline compared to the previous year’s figures. Despite this, bingo remains an integral component of the gaming industry, catering to a diverse audience of players across the country.

Surpassing Previous Records: A Testament to Growth

Despite the challenges encountered in some segments, the total GGR for the first quarter of 2024 surpassed the previous record set in the last quarter of 2023, reaching PHP81.70 billion. This significant milestone underscores the resilience and potential of the Philippine gaming industry.

Towards a Bright Future

With the first quarter already accounting for more than 24% of the country’s projected full-year GGR of PHP336 billion, the Philippines is poised for continued growth and expansion in the gaming sector. As the country sets its sights on surpassing Singapore to become the second-largest gambling destination in Asia, the positive trajectory of gaming revenues signifies a promising outlook for the industry.

Conclusion: Gaming Revenue

PAGCOR’s announcement of record-breaking gaming revenues for the first quarter of 2024 reflects the Philippines’ growing prominence as a key player in the global gaming arena. Despite challenges posed by evolving consumer preferences and technological advancements, the resilience and adaptability of the gaming industry underscore its potential for sustained growth and prosperity in the years to come.

FAQs on the Philippines’ Record-Breaking Gross Gaming Revenues for Q1 2024

1. What is the recent announcement made by PAGCOR regarding gaming revenues?

The Philippine Amusement and Gaming Corporation (PAGCOR) announced that the country’s gross gaming revenues (GGR) for the first quarter of 2024 reached PHP81.70 billion (approximately US$1.4 billion), marking an 18.54% increase compared to the same period last year.

2. What contributed to the significant increase in gaming revenues?

The exceptional growth in gaming revenues was primarily driven by a surge in revenue from the Electronic Games (E-Games) sector, which recorded PHP22.5 billion, a substantial increase from the PHP3.5 billion in the first quarter of 2023.

3. How has the E-Games sector impacted the gaming industry in the Philippines?

The E-Games sector has seen remarkable growth due to advancements in gaming technology and the widespread adoption of mobile devices, significantly influencing consumer preferences and entertainment choices.

4. What did PAGCOR Chairman and CEO Alejandro H. Tengco say about the future of gaming?

Mr. Tengco expressed confidence in the future of gaming, highlighting that the growth trajectory lies predominantly in the E-Games sector due to ongoing technological advancements and changing consumer behaviors.

5. How did licensed casinos perform in terms of revenue?

Licensed casinos generated PHP49.7 billion in the first quarter of 2024, though this figure represents a slight decline compared to the previous year.

6. What challenges are traditional casinos facing?

Traditional casinos, including those operated by PAGCOR under the Casino Filipino brand, are facing challenges due to the increasing popularity of online gaming platforms, necessitating adaptation and innovation to stay competitive.

7. How did bingo operations perform in the first quarter of 2024?

Bingo operations contributed PHP4.81 billion to the GGR but experienced a decline compared to the previous year’s figures. Despite this, bingo remains an important segment of the gaming industry.

8. How does the first quarter GGR of 2024 compare to previous records?

The total GGR for the first quarter of 2024 surpassed the previous record set in the last quarter of 2023, reaching PHP81.70 billion, indicating strong growth and resilience in the Philippine gaming industry.

9. What is the projected GGR for the full year of 2024 in the Philippines?

The projected gross gaming revenue for the full year of 2024 in the Philippines is PHP336 billion.

10. How does the Philippines aim to position itself in the global gaming market?

The Philippines aims to surpass Singapore to become the second-largest gambling destination in Asia, with the current growth trajectory of gaming revenues signaling a promising future for the industry.