The Philippine gaming sector, including both casino and non-casino operations, achieved gross gaming revenue (GGR) of PHP194.74 billion (US$3.34 billion) in the first half of 2024, marking a 19.21% increase from the same period last year. This information was shared in a press release by the state-run Philippine Amusement and Gaming Corp (Pagcor) on Sunday.
Pagcor reported a substantial rise in net income to PHP6.56 billion for the six months ending June 30, reflecting a 121.48% growth year-on-year. According to Pagcor chairman and CEO Alejandro Tengco, these results demonstrate the positive impact of reforms and enhanced regulations implemented by the agency.
“Pagcor’s robust net income growth translates… to a larger contribution to nation building,” Tengco stated. He noted that the agency remitted PHP31.82 billion to the Treasury in the first half of the year, up from PHP22.62 billion in the same period in 2023.
Breakdown of Revenue Contributions
Pagcor’s total gross revenues for the first half of 2024 reached PHP51.76 billion, a 42.92% increase from last year. Gaming operations were the primary revenue source, contributing PHP45.39 billion. Of this, electronically-delivered gaming sectors, such as e-Bingo, e-Games, and bingo grantees, generated 45.53% or PHP20.66 billion.
Licensed commercial-sector casinos also played a significant role, contributing PHP16.06 billion, which accounted for 35.44% of Pagcor’s first-half revenues. The publicly-owned Casino Filipino chain of gaming venues added PHP6.93 billion, making up 15.27% of the total.
Tengco expressed optimism about meeting or exceeding the PHP100 billion annual gross revenue target for 2024. He highlighted the remarkable revenue growth in the e-Games sector and noted the increasing interest from players and investors in the Philippine market.
“Given the phenomenal revenue increase in the e-Games sector, and with more players and investors signifying their intent to enter the Philippine market, we are confident that the year 2024 will be truly a banner year for Pagcor,” he said.
In early June, Tengco announced plans to further reduce rates for operators of electronic-delivered games starting in January next year. He emphasized that licensed casinos were the “biggest contributors” to GGR, generating PHP99.16 billion in the first half of 2024.
However, the e-Games sector showed the highest growth, with revenues soaring by 208.4% to PHP63.01 billion. This surge highlights the sector’s strong domestic-driven performance. Meanwhile, Pagcor-operated casinos recorded PHP8.89 billion in GGR, an 11.60% decline from the previous year.
Pagcor anticipates the nation’s gaming industry will generate PHP336.38 billion in GGR for 2024, a 17.9% increase from 2023. The first-half performance represented 57.89% of this annual target, showcasing the sector’s promising trajectory.
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