The Philippine Amusement and Gaming Corporation (PAGCOR) today announced that the local gaming industry’s Gross Gaming Revenues (GGR) grew 37.52% in the third quarter to Php94.61 billion from the Php68.79 billion GGR year-on-year.
The industry’s third quarter growth was driven mainly by the Electronic Gaming sector which increased more than five-fold, generating Php35.71 billion in revenues from last year’s Php6.32 billion.
“The Electronic Gaming sector recorded a phenomenal increase of 464.38% from last year,” said PAGCOR Chairman and CEO Alejandro H. Tengco.
“This impressive performance is a strong indication that the use of modern technology and mobile gadgets in gaming and amusement will continue to play a pivotal role in shaping the future of gaming.”
The PAGCOR Chief said he is optimistic that the E-Games sector will continue to flourish as technology increasingly becomes an integral part of people’s lifestyles, including in shopping, gaming and entertainment.
“In fact, by year-end, we expect this sector to generate as much as Php78 billion in license fees alone, substantially contributing to the realization of our Php100 billion revenue target for 2024,” Mr. Tengco said.
The country’s licensed casinos, which remained the biggest contributor to the third quarter GGR, brought in Php50.72 billion despite a 2.27% decline in revenue performance compared to last year’s Php51.90 billion.
Casino Filipino gaming venues operated by PAGCOR brought in Php3.64 billion, 26.32% lower than the 2023 record of Php4.94 billion.
Bingo operations contributed Php4.52 billion to the GGR, also 19.43% lower than the 2023 third quarter revenue of Php5.61 billion.
