Key points:
- Overall gaming revenue up from PHP68.79bn last year
- Eletronic games GGR was up 464.38%
- Licensed casinos accounted for over 50% of overall GGR
The Philippine Amusement and Gaming Corporation (PAGCOR) has released financial figures for the third quarter of 2024 concerning the gaming industry in the country.
Overall gross gaming revenue (GGR) for the Philippine gaming industry in the third quarter reached PHP94.61bn (US$1.61bn), representing an increase of 37.52% year-on-year.
Among the four major sectors in the gaming industry in the country, only electronic games saw growth compared to the same period last year, rising a very significant 464.38% to PHP35.71bn.
The sector which brought in the largest GGR yet again was licensed casinos, whose PHP50.72bn GGR was the equivalent of 53.6% of the market, despite it being a drop of 2.27% compared to Q3 2023’s figure.
Elsewhere, bingo operations GGR declined 19.43% to PHP4.52bn, while Casino Filipino gaming venues operated by PAGCOR saw GGR decrease 26.32% to PHP3.64bn.
PAGCOR Chairman and CEO Alejandro H. Tengco said: “The Electronic Gaming sector recorded a phenomenal increase of 464.38% from last year.
Good to know: President Ferdinand R. Marcos Jr. recently ordered the immediate ban on Philippine offshore gaming operators (POGOs)
“This impressive performance is a strong indication that the use of modern technology and mobile gadgets in gaming and amusement will continue to play a pivotal role in shaping the future of gaming.
“In fact, by year-end, we expect this sector to generate as much as PHP78bn in license fees alone, substantially contributing to the realisation of our PHP100bn revenue target for 2024.”
In other news from the region this week, Gaming Innovation group (GiG) has entered the Asian market for the first time after securing an agreement with Bloomberry Resorts related to its flagship brand Solaire Resorts.
