Overall gross gaming revenue (GGR) for the quarter climbed to PHP94.61 billion (US$1.61 billion), marking a remarkable 37.52% increase year-on-year.
The Philippine Amusement and Gaming Corporation (PAGCOR) has unveiled its financial performance for the third quarter of 2024, highlighting significant developments in the country’s gaming industry.
Overall gross gaming revenue (GGR) for the quarter climbed to PHP94.61 billion (US$1.61 billion), marking a remarkable 37.52% increase year-on-year.
Among the four major gaming sectors, electronic games stood out with an extraordinary surge of 464.38%, reaching PHP35.71 billion. PAGCOR Chairman and CEO Alejandro H. Tengco praised the sector’s performance, stating, “The Electronic Gaming sector recorded a phenomenal increase of 464.38% from last year. 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.”
Licensed casinos remained the largest contributor to GGR, generating PHP50.72 billion, which accounted for 53.6% of the market share. However, this represented a slight decline of 2.27% compared to Q3 2023.
In contrast, other sectors experienced notable declines. Bingo operations saw GGR drop by 19.43% to PHP4.52 billion, while Casino Filipino venues operated by PAGCOR recorded a sharper decline of 26.32%, with GGR falling to PHP3.64 billion.
Looking ahead, Tengco expressed optimism about the electronic gaming sector’s potential, stating, “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.”