PAGCOR eyes up to €7.9 billion GGR for Philippines in 2025
The Philippine Amusement and Gaming Corporation (PAGCOR) projects that gross gaming revenue (GGR) in 2025 could reach between PHP450 billion and PHP480 billion (€7.4 billion and €7.9 billion), up from PHP410.5 billion (€6.8 billion) in 2024. Speaking to local media on Wednesday, PAGCOR Chairman and CEO Alejandro Tengco said the expected growth is attributed to the rise of online gaming, which is rapidly closing the gap with traditional brick-and-mortar casinos.
Electronic gaming’s expansion is reshaping the industry, with PAGCOR anticipating that online gaming revenue could match that of integrated resorts within the next two to three years. In 2024, e-games saw a 309.2 percent revenue increase, contributing PHP135.7 billion (€2.2 billion) to the total GGR. This shift highlights changing player preferences and the growing acceptance of digital platforms.
Land-based casinos maintain steady growth
While online gaming is the primary driver of revenue growth, land-based casinos remain a key part of the industry. In 2024, integrated resorts accounted for nearly half of the total GGR, generating PHP201.8 billion (€3.3 billion). Despite this, revenue from traditional casinos declined by 2.72 percent year-on-year. PAGCOR said it expects land-based gaming to continue growing in 2025, though slower than e-gaming.
New integrated resorts, including one in Quezon City that opened in mid-2024, are expected to contribute to overall growth. Additional developments in Cebu and Boracay could further boost land-based gaming revenues in the coming years.
Lower fees encourage online operators
To support the expansion of online gaming, PAGCOR reduced its revenue remittance rates for e-gaming operators. From January 2024, the rate was lowered from 35 percent to 30 percent, while integrated resort-operated betting platforms saw their fees drop to 25 percent. The regulator aims to attract unregistered operators into the legal framework, increasing industry-wide revenues.
These adjustments follow previous reductions, which saw PAGCOR lower fees from over 50 percent of GGR to more competitive levels. By offering rates comparable to other international jurisdictions, PAGCOR said it hopes to strengthen the country’s position as a key gaming market in Asia.
Outlook for 2025 and beyond
With a projected GGR of up to PHP480 billion (€7.9 billion), the regulatory agency said the Philippines is on track to maintain its status as one of Asia’s leading gaming hubs, second only to Macau. The shift toward online gaming, alongside continued investment in integrated resorts, is expected to drive further growth. PAGCOR’s planned divestment from its 41 state-owned casinos, set to begin in 2026, signals a long-term strategy to focus on regulation rather than direct operations.
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