With gross gaming revenue (GGR) predicted to reach $6 billion in 2024, the Philippine gaming sector is set for a historic year. Alejandro Tengco, chairman of the Philippine Amusement and Gaming Corporation (Pagcor), offered this forecast, which emphasizes the nation’s impressive gaming record.
According to Tengco, the GGR for the year is expected to surpass PHP350 billion, or around $6.03 billion, which is more than the PHP336.38 billion that was predicted in January. Compared to the PHP285.27 billion reported in 2023, which had set the previous year record, this expected figure represents a notable 23% rise.
Driving this remarkable growth is the electronic gaming sector, which continues to attract substantial interest and investments. “Our GGR for the year, I think it’s over PHP350 billion,” Tengco confidently stated, underscoring the sector’s contribution to this upward trend.
Boost in Revenue and Key Policy Shifts
Pagcor’s financial performance extends beyond GGR. Tengco indicated the agency’s net income could almost double, reaching between PHP12 billion and PHP15 billion by year-end. This would be a sharp rise from the nearly PHP6.82 billion recorded in 2023, which already marked a 53.3% year-on-year increase. As of October 2024, Pagcor reported a net income of PHP9.63 billion for the first nine months, up 98.1% from the same period in 2023.
Amid this financial success, Pagcor has also moved to comply with President Ferdinand Marcos Jr.’s executive order banning offshore online gambling. This directive, issued in July, mandates the cessation of all offshore gaming operations, including existing licenses, new applications, and renewals, by the end of 2024.
The combination of record-breaking revenues and significant regulatory changes marks a transformative year for the Philippine gaming industry. As Pagcor navigates these shifts, the agency continues to demonstrate its ability to drive growth while aligning with national policy objectives.
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