Philippines GGR to surpass US$6.04bn, PAGCOR chairman says
Alejandro Tengco said Philippines GGR will surpass the target for the year.
The Philippines.- Alejandro Tengco, the Philippine Amusement and Gaming Corporation (PAGCOR)’s chairman and CEO, expects the country’s gross gaming revenue (GGR) for 2024 to exceed PHP350bn (US$6.04bn), easily surpassing the target of PHP334bn (US$5.76bn). Last year’s GGR was PHP285bn (US$4.91bn).
In the third quarter of the year, GGR was PHP94.61bn (US$1.61bn). That’s an increase of 37.5 per cent year-on-year and 6 per cent from the second quarter of the year. The largest growth was seen in the eGames sector, where revenue rose by 464.38 per cent year-over-year to PHP35.71bn.
Private casino resorts, including those in Manila’s Entertainment City, continue to be the biggest contributors. They generated PHP50.72bn, a decline of 2.3 per cent year-on-year but a rise of 2 per cent sequentially. Revenue from PAGCOR-operated casinos reached PHP3.64bn, down 26.3 per cent from a year earlier and 22.4 sequentially.
See also: PAGCOR delivers health services and assistance to Ilocos Norte residents
PAGCOR reaffirms regulatory oversight of Freeport Area of Bataan
In November, PAGCOR reaffirmed that it has regulatory authority over the Freeport Area of Bataan. In a statement released on November 19, the agency addressed remarks by Joseph Lobo, a senior official in its Offshore Gaming Licensing Department, who said last week that the regulator had no jurisdiction over a suspected offshore gaming operator in Bataan.
While Lobo said the Authority of the Freeport Area of Bataan (AFAB) was the governing authority, PAGCOR said it “aims to correct this statement”. It said: “Republic Act No. 9728 grants the AFAB the power to oversee certain tourism-related activities within the Freeport Area of Bataan, including games, amusements, recreational and sports activities, subject to the approval and supervision of PAGCOR.
