The Philippine Amusement and Gaming Corporation (PAGCOR) has published official data about the local gambling sector’s performance in the third quarter of the year. In its report, the authority outlined a stellar growth in GGR, which officials attributed to the ongoing modernization efforts.
E-Gaming Growth Offset a Decline in Casino & Bingo
As reported by the PAGCOR, the Philippines’ gross gaming revenue grew to PHP 94.61 billion ($1.61 billion), marking a 37.5% increase year-on-year. For comparison, last year’s Q3 GGR stood at PGP 68.79 billion.
This growth was primarily driven by the electronic gaming segment, which experienced an unprecedented 464.4% increase year-on-year. Whereas the electronic sector reported revenue of PHP 6.32 billion in Q3 2023, it now generated a GGR of PHP 35.71 billion ($610 million).
Despite this, licensed casinos remained the biggest revenue contributor, generating PHP 50.72 billion ($860 million) in GGR, despite a 2.3% decline in performance from the PHP 51.9 billion reported in the prior-year period.
PAGCOR’s Casino Filipino properties, meanwhile, generated PHP 3.64 billion in GGR ($62 million). This marked a 26.3% decline from the record PHP 4.94 billion reported in Q3 2023.
Lastly, bingo operations brought in an additional PHP 4.52 billion ($77 million) to the total GGR figure. This marks a 19.4% decrease year-on-year. For comparison, the bingo sector generated PHP 5.61 billion in Q3 2023.
The overall report outlines significant decreases that were offset by the strong growth of the electronic gaming sector.
Tengco Is Optimistic about the Results
Alejandro H. Tengco, the PAGCOR’s chairman and chief executive officer, commented on the results, lauding the “phenomenal increase” in GGR within the electronic gaming sector. He said that this incredible performance attests to the local sector’s use of cutting-edge technology and mobile gadgets.
Tengco is convinced that technology will continue to play a pivotal role in the future of gaming in the Philippines and beyond. He is optimistic that the electronic gaming sector will continue to excel, underpinned by the proliferation of technology and its increasing importance to people’s daily lifestyles.
He added:
In fact, by year-end, we expect this sector to generate as much as PHP 78 billion in license fees alone, substantially contributing to the realization of our PHP 100 billion revenue target for 2024.
Alejandro H. Tengco, chair & CEO, PAGCOR
In other news, the Philippines’ President just signed Executive Order 74, effectively banning all offshore operators from the country. This drastic solution was prompted by ongoing concerns about crime and the social issues tied to gambling.