PAGCOR Forecasts Casino Sector Revenues Will Reach P275 Billion by Year-end

September 11, 2024 Philippines iGaming & Gambling

The Philippine Amusement and Gaming Corporation (PAGCOR) is forecasting a strong performance for its gaming sectors by the end of 2024. According to PAGCOR Chairperson Alejandro Tengco, the licensed casino sector is expected to contribute approximately PHP 257 billion to the agency’s gross gaming revenue (GGR). This includes contributions from key areas such as Entertainment City, Clark, Cebu, and Fiesta casinos in Rizal and Puerto Princesa.

PAGCOR’s GGR reached PHP 89.23 billion in the second quarter of 2024, reflecting a robust 32.32 percent increase from PHP 67.43 billion in the same period last year. The e-games sector, in particular, has shown remarkable growth. It surged by 525 percent, generating PHP 30.85 billion compared to PHP 4.93 billion last year. This sector has become the standout performer, driven by rapid technological advancements, the growing availability and affordability of mobile devices, and shifting consumer behavior.

“We project that by year-end, the e-games sector will generate close to PHP 100 billion in GGR, making it one of the fastest-growing segments in PAGCOR,” Tengco was quoted as saying in a report published by the Inquirer.

He expressed optimism about continued growth in this sector, which is poised to play a significant role in PAGCOR’s future performance.

Licensed casinos, while experiencing a decline from last year’s revenues, still posted significant figures. The sector logged PHP 49.48 billion in the second quarter, slightly down from PHP 51.70 billion last year but comparable to the previous quarter’s PHP 49.68 billion.

In a bid to enhance its offerings, PAGCOR is also modernizing its Casino Filipino brand. The agency will introduce around 2,000 new slot machines this month, part of a broader plan to acquire a total of 3,341 new machines. These machines are identical to those used in the Philippines’ leading integrated resort casinos.

“With all these initiatives and preparations, we are confident that the Philippines through Pagcor will continue to remain at the forefront of the gaming industry innovations in the Asia-Pacific region,” Tengco said. “And while we remain as one of the most mature gaming destinations in Asia, we believe that there is still plenty of room for growth. And we intend to seize every opportunity that will come our way.”