2024 Philippine Gaming Industry GGR To Reach PHP336.38bln, Says Tengco

Home » 2024 Philippine Gaming Industry GGR To Reach PHP336.38bln, Says Tengco

CEO and President of the Philippine Amusement and Gaming Corporation (PAGCOR), aka the gaming regulator of the Philippines, Alejandro Tengco, estimates that the gross gaming income (GGR) of the Philippines this year, involving non-casino operations, is probably to reach PHP336.38 billion, which is approximately US$6.03 billion. In addition, if the estimate is realized, it would represent the newest GGR record for the gaming industry in the said country, and would be approximately 17.9% higher than the PHP285.27 billion projected for the entire year of 2023, once Q4 figures are verified.

Prediction:

Mr. Tengco, who also manages publicly-owned Casino Filipino chain of gaming facilities, said the aforementioned forecast during an interview, as quoted by the Manila Bulletin news outlet on January 15.

Although electronic gaming will probably generate PHP61.75 billion during the current year, traditional formats through the licensed casinos of the commercial department will be at the fore. Additionally, commercial establishments in Rizal, Cebu, Poro Point and Clark along with Entertainment City located in Metro Manila would generate as much as PHP256.63 billion for the total GGR in the said year.

More about:  Sun Dreams SA acquisition talks terminated in Chile

Furthermore, the GGR collected during the previous year would be bigger by 11.2% compared to the former record of PHP256.49 billion that was established during 2019, prior to the breakout of the COVID-19 pandemic. During the following period, profits from the games decreased due to inbound tourism and restrictions on movement inside the country. In this regard, Mr. Tengco commented according to GGRAsia: “Our 2023 results exceeded even our most optimistic projections, and it proves beyond doubt that the Philippine gaming industry has fully recovered and is now poised for sustained growth in the medium- to long-term.”

Relatedly, integrated resorts in the Philippines were the main generators of the income of the gaming industry during 2023, at PHP207.48 billion, while electronically delivered games brought in PHP58.16 billion.

More about:  Full House Resorts Incorporated wins the Waukegan casino license race

During November, PAGCOR commented that it projects that its net operating revenue to come to PHP61.5 billion in 2024.

The gambling industry in the Philippines managed to generate US$1.24 billion in Q3 2023:

In other news, during November 2023, it was reported that the gross gaming revenues of the Philippine gaming industry reached PHP68.8 billion (US$1.24 billion) in the third quarter of 2023. The figure reportedly represents a 20.1% increase when compared to the third quarter of 2022, as well as an increase of US$20 million compared to the result achieved in the second quarter of 2022.

As reported by Inside Asian Gaming (IAG), gross gaming revenue in the country in the Q3 2023 represents only 2% higher revenue level than the US$1.22 billion generated in the previous quarter. However modest, this quarter-on-quarter increase shows that the Philippine gaming industry is gradually picking up its speed as the year winds down.

More about:  iSoftBet agrees new content supply deal with Coastline Gaming online casino brand Slotbox

Leave a Reply

Your email address will not be published. Required fields are marked *

Gambling News from NewsCasinoNew.com is made for the most passionate fans of online casinos and internet gambling. We cover everything: from popular gambling world events and trends to new casino slot game releases and reviews, you will find the latest news stories.