Philippine licensed casinos reported a mixed financial performance in the third quarter of 2024, with gross gaming revenues (GGR) reaching Php51.9 billion, according to the Philippine Amusement and Gaming Corporation (PAGCOR). This represents a 4.9% increase from the second quarter but a 2.3% decline year-over-year.
eGames Sector Drives Revenue Surge Amidst Casino GGR Decline
The broader gaming industry, however, posted a significant rebound, with total GGR reaching Php94.6 billion, up 37.5% from Q3 2023 and 6.0% higher than Q2. PAGCOR attributed much of this growth to the remarkable performance of the eGames sector, which saw revenues soar to Php35.7 billion—an astounding 464% year-over-year increase.
PAGCOR Chairman and CEO Alejandro Tengco highlighted the pivotal role of technology in gaming’s evolution. “The phenomenal increase in the eGames sector reflects how mobile technology is reshaping the gaming industry. By year-end, we anticipate Php78 billion in license fees from this sector, helping us achieve our Php100 billion revenue target for 2024,” he stated.
Casino Filipino Revenues Decline Amid Privatization Efforts
While private casinos in Manila’s Entertainment City and regional hubs like Clark and Cebu drove positive growth, state-operated Casino Filipino venues recorded a sharp decline. GGR for these venues fell by 26.3% year-over-year and 13.3% compared to the previous quarter, generating only Php3.64 billion. PAGCOR explained that many of these venues are undergoing upgrades in preparation for privatization.
The divergent trends highlight the growing significance of electronic gaming platforms in the Philippines, with PAGCOR emphasizing their critical contribution to meeting ambitious revenue goals. However, the downturn in traditional casino revenues raises questions about the sustainability of brick-and-mortar venues as the industry shifts toward digital platforms.
Jaja has a degree in journalism and took classes in international law and business communication. Her career spans roles at prominent international media outlets, including International Business Times, Celebeat and Delightful Philippines. As a news editor, Jaja covered a wide range of beats, including legal, business, economy, cryptocurrency, personal finance, gaming, technology, and entertainment.