E-games revenue pushes Philippines GGR to a new high for Q1
Gross gaming revenue was up 18.54 per cent when compared to last year.
The Philippines.- Gross gaming revenue (GGR) in the Philippines was PHP81.70bn (US$1.42bn) for the first quarter. The tally was up 2 per cent sequentially and 18.54 per cent year-on-year. Although, land-based casino GGR was down year-on-year, total GGR was up because electronic games revenue rose six fold at PHP22.5bn.
Private casino resorts, including those located in Manila’s Entertainment City, continue to be the biggest contributors. They brought in PHP49.7bn (US$863.47m), down 8.2 per cent year-on-year. Revenue from Philippine Amusement and Gaming Corporation (PAGCOR)-operated casinos reached PHP4.69bn (US$81.55m), down 8.6 per cent from a year earlier. Bingo operations contributed PHP4.81bn ($83.53m), also down.
PAGCOR chairman and CEO Alejandro H. Tengco said: “The E-Games revenue performance continues to exceed our projections, and this reflects how gaming technology and the proliferation of mobile devices is influencing not only our daily lives but our entertainment choices as well.”
“With the way technology is constantly shaping our lives and the way we do business, and even the way we choose to be entertained, the future of gaming clearly lies in this sector,” he added. “We are confident that with our new regulatory policies, more gaming companies both here and abroad will continue to look at business and investment opportunities in the Philippine gaming industry.”
The forecast for full-year GGR is PHP336bn (US$5.84bn). The first quarter total surpassed 24 per cent of the target. Gaming revenues are typically highest in the last quarter of the year, but first quarter GGR surpasses the record PHP80.12bn (US$1.39bn) seen in the last quarter of 2023. Full-year GGR for 2023 reached PHP285.27bn (US$4.95bn).
