THE Philippines’ gross gaming revenue (GGR) posted a 25% growth in 2024 even with the government ban on Philippine Offshore Gaming Operators (POGOs) as revenues from electronic games surged by 165% during the year, the Philippine Amusement and Gaming Corp. (PAGCOR) said.
According to PAGCOR, the country’s GGR increased to P410 billion in 2024 from P329 billion in 2023. Brick-and-mortar casinos contributed P201 billion, while the e-bingo sector saw a 165% year-on-year GGR growth to P154.41 billion.
“We partly attribute the strong performance of the local gaming industry to the strategic policy adjustments that we have implemented, such as the gradual reduction of fee rates for E-Games since 2023,” PAGCOR Chairman and Chief Executive Officer Alejandro Tengco said on Tuesday, March 18.
He added: “At the time, PAGCOR was collecting between 50% to 55% license fees, thus deterring expansion, but effective January 1, 2025, our fee rates for E-Games stand at only 30% of GGR.”
The higher GGR for 2024 comes even as President Ferdinand “Bongbong” Marcos Jr., in his State of the Nation Address (SONA) last July, ordered the ban on all POGOs, citing the sector’s “grave abuse” and “disrespect” to the country’s system and laws.
“As offshore gaming exits, PAGCOR recognizes that the future of Philippine gaming will continue to become more technology-driven. This is why PAGCOR will continue to closely regulate electronic gaming while ensuring strict oversight to combat illegal operators,” Tengco said.
PAGCOR posted a record P112 billion in revenues in 2024, bringing its net operating income up 51% to P84.97 billion, and its net income to P16.76 billion.
The agency in 2023 announced plans to privatize self-operated casinos moving forward, and instead focus on a purely regulatory role. It expects to raise at least P60 billion to P80 billion from such plans.
It targets to divest from casino operations in the next five years, during which it also expects one integrated resort to open each year. (GMA Integrated News)
