PAGCOR: Philippines gaming revenues hit P81.7B in Q1, up 18.5%

The country’s gaming sector saw double-digit growth in the first quarter of 2024, the Philippine Amusement and Gaming Corporation (PAGCOR) said Wednesday.

In a news release, PAGCOR said the industry’s gross gaming revenues (GGR) stood at P81.70 billion in the January to March period, up 18.54% from P68.92 billion in the same period last year.

The state-run gaming firm and industry regulator called the latest GGR print “another new record.”

PAGCOR said the gaming industry has sustained its upward trend since the post-pandemic recovery started in the last quarter of 2022.

The electronic games (e-games) sector saw a continued record-breaking performance, posting P22.5 billion in revenue, or more than six times its 2023 first quarter revenue of P3.5 billion.

“The e-games revenue performance continues to exceed our projections, and this reflects how gaming technology and the proliferation of mobile devices are influencing not only our daily lives but our entertainment choices as well,” said PAGCOR chairman and CEO Alejandro Tengco.

“With the way technology is constantly shaping our lives, the way we do business, and even the way we choose to be entertained, the future of gaming clearly lies in this sector,” he added.

The PAGCOR chief added that the state-run gaming agency’s improved regulatory policies and reduced fees also contributed to the success of the e-games sector.

“We are confident that with our new regulatory policies, more gaming companies both here and abroad will continue to look at business and investment opportunities in the Philippine gaming industry,” Tengco said.

Meanwhile, the biggest contributor to the first quarter's GGR is still the country’s licensed casinos, which brought in P49.7 billion, lower than last year's P54.15 billion.

PAGCOR said its operated casinos under the Casino Filipino brand booked P4.69 billion in revenue, albeit lower than the previous year’s P5.13 billion, “underscoring the challenge faced by the segment as more players continue to migrate to online platforms.”

Bingo operations contributed P4.81 billion to the GGR, down from the previous year’s P6.13 billion.

PACGOR said the country’s projected full-year GGR is P336 billion, and the first quarter total is more than 24% of the target.

“Gaming revenues traditionally spike in the last quarter of the year,” it said.

Nonetheless, PAGCOR said the first quarter GGR for 2024 was higher than the previous record of P80.12 billion seen in the last quarter of 2023.

Last year, the full-year GGR reached P285.27 billion. —VBL, GMA Integrated News