Philippines gaming industry revenue up 19% year-on-year to over US$3.3 billion in 1H24 – IAG

Philippines industry gaming revenue grew by grew by 19.2% year-on-year to Php194.7 billion (US$3.34 billion) in the first six months of 2024, boosted by the rise of the online gaming sector comprised of E-Games, E-Bingo and bingo grantees.

The update, provided by regulator PAGCOR on Sunday, showed that the E-Games sector more than tripled GGR in 1H24 to Php63.01 billion (US$1.08 billion), underscoring the sector’s unprecedented domestic-driven performance.

Licensed casinos, including those in Entertainment City and regional locations such as Clark and Cebu, remained the biggest GGR contributors with Php99.2 billion (US$1.70 billion) while PAGCOR-operated casinos saw GGR fall by 11.6% year-on-year to Php8.9 billion (US$152 million).

The strong 1H24 result saw PAGCOR’s net income grow by 121.5% to Php6.56 billion (US$112 million), up from Php2.96 billion (US$50.7 million) in the first half of last year.

“PAGCOR’s robust net income growth translates of course to a larger Contribution to Nation-Building (CNB),” said PAGCOR Chairman and CEO Alejandro H. Tengco. “We were able to remit Php31.8 billion (US$545 million) in CNB to the Treasury in the first six months compared to Php22.6 billion (US$387 million) in the same period last year.”

PAGCOR itself reported gross revenues of Php51.8 billion (US$887 million), up 42.9% year-on-year, of which gaming operations contributed the bulk at Php45.4 billion (US$778 million).

Nearly half of PAGCOR’s gaming revenues came from the online gaming sector, which brought in a total of Php20.7 billion (US$355 million), while integrated resorts and licensed casinos chipped in Php16.2 billion (US$277 million) or 35.4% of PAGCOR’s gaming revenues and PAGCOR-operated casinos under the Casino Filipino brand Php6.93 billion (US$119 million) or 15.3%.

Tengco said the Php51.8 billion (US$887 million) in first half revenues put PAGCOR on track to reach the Php100 billion (US$1.71 billion) annual gross revenue threshold this year.

“Given the phenomenal revenue increase in the E-Games sector, and with more players and investors signifying their intent to enter the Philippine market, we are confident that the year 2024 will be truly a banner year for PAGCOR,” he said.