Online casinos bring in bacon

Electronic games continue to be the main driver of casino operations as state gaming regulator Philippine Amusement and Gaming Corp. (PAGCOR) reported the country’s gross gaming revenues (GGR) for the second quarter reached P89.23 billion, or 32.32 percent higher than the P67.43 billion GGR a year ago.

The second quarter GGR is also 9.21 percent higher than the first quarter industry revenue of P81.7 billion.

PAGCOR chairperson and CEO Alejandro Tengco said the Electronic Games (E-Games) sector, which brought in P30.85 billion, is still the local gaming industry’s best performer in terms of growth.

“The E-Games sector recorded an impressive 525 percent increase from the P4.93 billion record year-on-year,” he said.

“This sector continues to surpass targets and should help cover up for any shortfall resulting from the President’s order banning offshore gaming operations or POGOs by the end of the year.”

Tengco also attributes the remarkable performance of the E-Games sector to the crucial policy reforms implemented by PAGCOR in the last year.

Casino revenues fall

The country’s licensed casinos, which brought in P49.48 billion during the period in review, remained the biggest contributor to the second quarter GGR although it was lower compared to last year’s P51.70 billion record and from last quarter’s P49.68 billion.

PAGCOR-operated casinos under the Casino Filipino brand brought in Php4.20 billion, 14.80 percent lower than the 2023 record of P4.93 and 10.41 percent lower compared to last quarter’s P4.69 billion.

Bingo operations contributed P4.69 billion to the GGR, also lower than the 2023 second quarter revenue of P5.85 billion and the first quarter’s take of P4.81 billion.