Philippines' Gaming Revenue Skyrockets to $1.4 Billion in Q1 2024, Marking a 19% Increase from Previous Year
In the first quarter of 2024, the Philippine gaming industry, encompassing both casino and non-casino operations, recorded a historic high in gross gaming revenue (GGR), reaching PHP81.70 billion (US$1.42 billion), an 18.5% increase year-over-year. The surge was significantly driven by the electronic games sector, which contributed PHP22.5 billion, far exceeding previous records. Although GGR from land-based casinos declined, licensed commercial casinos continued to be the major contributors with PHP49.7 billion. The Philippine Amusement and Gaming Corporation (Pagcor) projects that the industry will generate PHP336.38 billion in GGR for 2024, marking a 17.9% rise from 2023. This robust growth underscores the influence of technological advancements and evolving consumer preferences on the dynamic Philippine gaming market.
Q1 2024 Sees PHP22.5 Billion GGR Boost in Philippine Gaming
Philippine Gaming Industry Records PHP81.70 Billion in GGR for Q1 2024, Marking Continued Growth
In the first quarter of 2024, the Philippine gaming sector, including casino and non-casino operations, achieved an impressive gross gaming revenue (GGR) of PHP81.70 billion (US$1.42 billion). This represents an 18.5% increase year-over-year and a 2.0% rise from the previous quarter, indicating a strong post-pandemic recovery that began in late 2022.
【Record-Breaking Performance in E-Gaming】
The Philippine Amusement and Gaming Corporation (Pagcor) highlighted this period as record-setting, with electronic-delivered games continuing their stellar performance. The e-Games sector alone contributed PHP22.5 billion to the GGR, more than sixfold the PHP3.5 billion recorded in the first quarter of 2023. Alejandro Tengco, Pagcor’s chairman and chief executive, commented on the substantial growth in e-Games revenue, stating, "This reflects how gaming technology and the widespread use of mobile devices are shaping our daily lives and entertainment choices."
【Impact of Technology on Gaming】
Mr. Tengco emphasized the transformative impact of technology on the gaming landscape, noting, "The future of gaming evidently lies within the e-Games sector." This shift highlights the industry's adaptation to consumer preferences and technological advancements.
【Challenges for Land-Based Casinos】
Despite the overall growth, the nation’s licensed commercial casinos saw a decline, generating PHP49.7 billion in GGR, an 8.2% drop year-over-year. Additionally, Pagcor-operated casinos under the Casino Filipino brand reported a decrease, with a GGR of PHP4.69 billion for the quarter, down 8.6% from the previous year. This decline underscores the ongoing challenges faced by land-based casinos as players increasingly turn to online platforms.
【Future Projections and Growth】
Pagcor forecasts that the Philippine gaming industry will generate PHP336.38 billion in GGR in 2024, up 17.9% from 2023. The first-quarter results have already accounted for 24.3% of this target. In April, Pagcor reported a total income of PHP25.24 billion for Q1 2024, reflecting a 42.6% increase year-over-year.
The continued growth and transformation of the Philippine gaming industry is significant. As the industry continues to shift toward online and video gaming, it will continue to reach new heights in the future, driven by technological innovation and changing consumer behavior.
