Philippine Gaming Industry Eyes Record High Revenues in 2024

The Philippine gaming industry is on track for a historic high in 2024, according to Alejandro Tengco, the chairman and chief executive of the Philippine Amusement and Gaming Corp (Pagcor). Tengco projects a gross gaming revenue (GGR) of PHP336.38 billion (US$6.03 billion) for the year. This forecast, an 18 percent increase from the expected PHP285.27 billion for 2023, sets a new record for the nation’s gaming sector.

In a recent interview with the Manila Bulletin, Tengco highlighted that traditional gaming in licensed commercial-sector casinos would be a major revenue driver. He expects these casinos, including Entertainment City in Metro Manila and other venues in Clark, Cebu, Rizal, and Poro Point, to contribute PHP256.63 billion to the 2024 GGR. Additionally, electronically-delivered gaming is anticipated to add PHP61.75 billion.

Tengco’s optimism stems from the sector’s performance in 2023, which surpassed expectations with an 11.2 percent increase over the previous record of PHP256.49 billion in 2019, before the pandemic. The impressive recovery in 2023, despite earlier challenges posed by Covid-19, indicates a resilient and growing industry.

Integrated resorts, such as Okada Manila for example, were among the biggest contributors in 2023, bringing in PHP207.48 billion, while electronically-delivered gaming accounted for PHP58.16 billion. Tengco’s forecast reflects confidence in the sector’s potential for sustained growth in the coming years.

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