THE country’s gaming industry booked a new record-high in total revenues of nearly half-a-trillion pesos in 2024 on the back of strong growth in the electronic games sector which offset the decline seen in other traditional gambling sectors.
At a press conference in Pasay City, Philippine Amusement and Gaming Corporation (PAGCOR) chairman Alejandro Tengco reported that the local gaming sector’s gross gaming revenues (GGR) stood at P410.5 billion last year, up 24.81% from P328.88 billion in 2023.
Broken down, the lion’s share or P201.8 billion of the total GGR came from PAGCOR-licensed casinos, which saw a decline of 2.72% from P207.48 billion year-on-year.
The slowdown in revenues from traditional casinos, however, was offset by electronic games which grew by 309.2% to P135.71 billion from P33.16 billion in 2023.
Meanwhile, PAGCOR-operated casinos, under the Casino Filipino brand, accounted for P15.97 billion of the GGR, down 18.59% from P19.62 billion in the prior year.
The now defunct Philippine Offshore Gaming Operations (POGOs) booked P38.14 billion in 2024, down 12.54% from P43.61 billion in 2023.
With the strong performance of the e-games sector, Tengco said that its contribution to the GGR could be at par with traditional casinos or land-based gaming operations.
“The landscape of the gaming has changed worldwide… hindi po totoo na sa Pilipinas lang po ‘yung online gaming. I think very soon, maybe in the next two to three years magpantay na,” the PAGCOR chief said.
For 2025, Tengco expressed confidence that the country’s GGR will hit another all-time high, banking on the strong gaming operations from a newly opened integrated resort and casino in Quezon City as well as upcoming integrated resorts to be established in key tourist destinations such as Cebu and Boracay.
“It [GGR] could easily reach between P450 billion and P480 billion,” he said.
The PAGCOR chief also expressed confidence that a record year will still be achieved in 2025 despite the absence of POGOs, noting that offshore gaming’s contribution to GGR was “minimal.”
Tengco also reiterated his plan to privatize PAGCOR-operated casinos moving forward, and instead focus on a purely regulatory role.
“Decoupling will start in 2026,” he said.
PAGCOR is expecting to raise at least P60 billion to P80 billion from its privatization plan. (GMA Integrated News)
