Philippines gaming industry GGR reached a new record high of Php81.70 billion (US$1.42 billion) in the three months to 31 March 2024, up 18.5% year-on-year and 2.0% higher than the December quarter, according to information from gaming regulator PAGCOR.
The exponential rise in the E-Games segment was behind the GGR result, up from Php3.5 billion (US$60.9 million) a year ago to Php22.5 billion (US$391 million), with PAGCOR Chairman and CEO Alejandro H. Tengco stating, “The E-Games revenue performance continues to exceed our projections, and this reflects how gaming technology and the proliferation of mobile devices is influencing not only our daily lives but our entertainment choices as well.
“With the way technology is constantly shaping our lives and the way we do business, and even the way we choose to be entertained, the future of gaming clearly lies in this sector.
“We are confident that with our new regulatory policies, more gaming companies both here and abroad will continue to look at business and investment opportunities in the Philippine gaming industry.”
Licensed casinos, including those in Entertainment City, Clark and Cebu, remained the biggest contributor to GGR in 1Q24 but declined 8.2% year-on-year to Php49.7 billion (US$864 million) – largely in line with Q4 results.
PAGCOR-operated casinos under the Casino Filipino brand also declined from Php5.13 billion (US$89.2 million) in 1Q23 to Php4.69 billion (US$81.6 million), which PAGCOR said underscores the challenge faced by the segment as more players continue to migrate to online platforms.
Bingo operations of Php4.81 billion (US$83.6 million) were likewise down 21.5%.
