The Philippine Amusement and Gaming Corporation (PAGCOR) has announced that the country's gross gaming revenues (GGR) for the first quarter of the year reached PHP81.70bn (US$1.4bn). This marks an 18.54% increase compared to PHP68.92bn (US$1.2bn) in the same period last year.
PAGCOR Chairman and CEO Alejandro H. Tengco highlighted the exceptional performance of the Electronic Games (E-Games) sector, which generated PHP22.5bn. This is more than six times the PHP3.5bn revenue recorded in the first quarter of 2023.
“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 said.
“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.”
Licensed casinos remained the largest contributors to the GGR, generating PHP49.7bn, though this was down from PHP54.15bn year-on-year. PAGCOR-operated casinos under the Casino Filipino brand brought in PHP4.69bn, a decrease from the previous year’s PHP5.13bn, highlighting challenges as more players shift to online platforms.
Bingo operations contributed PHP4.81bn, also lower than the PHP6.13 billion reported in the first quarter of 2023.
Despite these 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 country’s projected full-year GGR is PHP336bn, with the first quarter already accounting for more than 24% of this target.
This is positive development, seeing as the Philippines aims to surpass Singapore to become the second-largest gambling destination in Asia. 188Bet’s return also signifies a rising confidence in the Philippines' regulatory environment.
