Electronic Gaming Boosts PAGCOR’s Q3 Revenue Amid Shifts in Traditional Gaming
Third-quarter data from the Philippine Amusement and Gaming Corporation (PAGCOR) reveals a strong surge in gross gaming revenue (GGR), reaching Php94.61 billion—a 37.52% increase from Php68.79 billion in the same period last year. This growth has been largely attributed to the electronic gaming sector, which has shown exponential year-on-year gains as digital gaming gains traction in the Philippines.
Electronic Gaming Emerges as Leading Growth Driver
The electronic gaming sector led the revenue spike in Q3, reporting Php35.71 billion, a remarkable 464.38% increase from last year’s Php6.32 billion.
PAGCOR Chairman and CEO Alejandro H. Tengco emphasized the sector’s impact, stating, “The Electronic Gaming sector recorded a phenomenal increase… [indicating] that the use of modern technology and mobile gadgets in gaming and amusement will continue to play a pivotal role in shaping the future of gaming.”
Tengco projected that by the end of 2024, electronic gaming alone could generate up to Php78 billion in license fees, positioning PAGCOR closer to its Php100 billion annual revenue goal.
Mixed Results in Traditional Gaming Sectors
While electronic gaming surged, traditional gaming avenues reported varying results. Licensed casinos, which remain PAGCOR’s largest GGR source, saw a slight 2.27% decline in revenue, totaling Php50.72 billion compared to Php51.90 billion last year.
PAGCOR-operated Casino Filipino venues experienced a steeper drop, with revenue down by 26.32% to Php3.64 billion from Php4.94 billion in 2023.
Bingo Operations Reflect a Shift in Gaming Preferences
Bingo operations also faced a downturn, with revenues dropping 19.43% year-on-year to Php4.52 billion from Php5.61 billion. This decline highlights changing consumer preferences, with players increasingly favoring digital platforms over traditional gaming formats.
