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The Philippine Amusement and Gaming Corporation (PAGCOR) has unveiled impressive figures, revealing that the country’s gross gaming revenues (GGR) for the first quarter of the year surged to PHP81.70 billion ($1.42 billion). This marks an 18.54 percent increase from the PHP68.92 billion ($1.20 billion) recorded in the same period last year, setting a new record high and signaling continued growth since the post-pandemic recovery began in late 2022.
E-games sector dominates:
Chairman and CEO of PAGCOR, Alejandro H. Tengco, highlighted the exceptional performance of the Electronic Games (E-Games) sector, with revenues skyrocketing to PHP22.5 billion ($391.28 million). This represents a remarkable six-fold increase compared to the first quarter of 2023. Tengco attributed this surge to the profound impact of gaming technology and the widespread adoption of mobile devices, stating, “The future of gaming lies within this sector.”
Tengco credited PAGCOR’s enhanced regulatory framework and reduced fees for part of the industry’s success, expressing confidence that these favorable conditions would attract more gaming companies, locally and internationally, to explore business and investment opportunities in the Philippine gaming sector. He emphasized the importance of adapting to technological advancements, foreseeing a continued rise in demand for innovative gaming experiences.
Casinos remain key contributors:
While licensed casinos remained the primary contributors to the first-quarter GGR, generating PHP49.7 billion ($863.47 million), this figure slightly decreased from the previous year’s PHP54.15 billion ($941.66 million). PAGCOR-operated casinos under the Casino Filipino brand reported revenues of PHP4.69 billion ($81.55 million), reflecting the ongoing challenge of players transitioning to online platforms. Despite this, traditional casinos continue to play a significant role in the country’s gaming landscape, offering a diverse range of entertainment options to patrons.
Challenges in other segments:
According to Asia Gaming Brief, Bingo operations also experienced a decline in contribution to the GGR, falling to PHP4.81 billion ($83.53 million) from PHP6.13 billion ($106.64 million) in the first quarter of 2023. This decline underscores the need for operators to adapt to changing consumer preferences and leverage digital technologies to enhance the bingo experience. However, with strategic investments and innovative marketing strategies, the bingo segment has the potential to rebound and regain its market share in the coming quarters.
Despite these challenges, the country’s projected full-year GGR stands at PHP336 billion ($5.84 billion), with the first quarter’s total already surpassing 24 percent of the target. The industry remains optimistic about sustained growth and development, building on the momentum of previous quarters. As the Philippines continues to position itself as a premier gaming destination in the Asia-Pacific region, stakeholders are confident in the sector’s resilience and capacity to thrive in an ever-evolving landscape.
