Philippines Q2 GGR surge amid over 500% e-games boom
The Philippine Amusement and Gaming Corporation (PAGCOR) has reported a boost in the country’s Gross Gaming Revenues (GGR) for the second quarter of 2024, reaching PHP89.23 billion (€1.4 billion).
The data represents a 32.32 percent increase compared to the PHP67.43 billion (€1 billion) recorded during the same period last year, with the remarkable 525 percent growth in the Electronic Games (E-Games) sector serving as a key driver.
E-Games surge amid industry expansion
The E-Games sector has emerged as the fastest-growing segment within the Philippine gaming industry, contributing PHP30.85 billion (€492.8 million) to the overall GGR. PAGCOR Chairman and CEO Alejandro Tengco highlighted the sector’s performance, noting, “The E-Games sector recorded an impressive 525 percent increase from the PHP4.93 billion (€78.7 million) recorded year-on-year.”
Tengco credited this surge to the crucial policy reforms implemented by PAGCOR over the past year, which have allowed the sector to consistently exceed its targets. He also pointed out that the strong performance of the E-Games sector will be vital in compensating for potential revenue shortfalls due to President Ferdinand Marcos Jr’s order to ban Philippine Offshore Gaming Operators (POGOs) by the end of the year. “This sector continues to surpass targets and should help cover up for any shortfall resulting from the President’s order banning offshore gaming operations or POGOs,”
Licenced casinos and other segments see decline
While the E-Games sector flourished, the licenced casinos, traditionally the largest contributors to the GGR, saw a slight decline. The casinos brought in PHP49.48 billion (€790.35 million) in the second quarter, down from PHP51.70 billion (€825.8 million) in the same period last year and marginally lower than the PHP49.68 billion (€793.5 million) recorded in the first quarter of 2024.
Similarly, PAGCOR-operated casinos under the Casino Filipino brand generated PHP4.20 billion, reflecting a 14.80 percent drop from the PHP 4.93 billion recorded in the second quarter of 2023 and a 10.41 percent decrease from the first quarter’s PHP 4.69 billion.
Bingo operations contribute to GGR but face challenges
Bingo operations contributed PHP 4.69 billion (€67 million) to the second quarter’s GGR. However, this figure represents a decrease from both the PHP5.85 billion (€93.4 million) recorded in the same period last year and the PHP4.81 billion (€76.8 million) generated in the first quarter of 2024.
