State-run Philippine Amusement and Gaming Corp. (PAGCOR) said Wednesday the country’s gross gaming revenues (GGR) in the first quarter of 2024 reached P81.70 billion, up by 18.54 percent from P68.92 billion in the same quarter last year.
The latest GGR is another new record, sustaining an upward trend for the local gaming industry since the post-pandemic recovery started in the last quarter of 2022, PAGCOR said in a statement.
PAGCOR chairman and chief executive Alejandro Tengco said the electronic games (E-Games) sector continued its record-breaking performance, bringing in P22.5 billion or more than six times the 2023 first-quarter revenues of P3.5 billion.
“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,” he said.
“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,” Tengco said.
The PAGCOR chief said the state-run gaming agency’s improved regulatory policies and reduced fees also contributed to the success of the E-Games 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,” he said.
The biggest contributor to the GGR remained the country’s licensed casinos which brought in P49.7 billion, lower than P54.15 billion year-on-year.
PAGCOR-operated casinos under the Casino Filipino brand brought in P4.69 billion, also lower than the previous year’s P5.13 billion, underscoring the challenge faced by the segment as more players continue to migrate to online platforms.
Bingo operations contributed P4.81 billion to the GGR, also lower than the 2023 first quarter take of P6.13 billion.
PAGCOR expects full-year GGR to reach P336 billion, with the first quarter total representing more than 24 percent of the target. Gaming revenues traditionally spike in the fourth quarter of the year.
The first quarter GGR topped the previous record of P80.12 billion seen in the fourth quarter of 2023, when full-year GGR reached P285.27 billion.