The local gaming industry’s Gross Gaming Revenues (GGR) grew 37.52 percent in the third quarter to P94.61 billion from the P68.79 billion GGR year-on-year, the Philippine Amusement and Gaming Corporation (PAGCOR) said on Thursday.

The industry’s third-quarter growth was mainly driven by the Electronic Gaming sector, which increased more than fivefold, generating P35.71 billion in revenues from last year’s P6.32 billion.

“The Electronic Gaming sector recorded a phenomenal increase of 464.38 percent from last year,” said PAGCOR Chairman and CEO Alejandro H. Tengco.

“This impressive performance is a strong indication 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.”

The PAGCOR Chief said he is optimistic that the E-Games sector will continue to flourish as technology increasingly becomes an integral part of people’s lifestyles, including in shopping, gaming and entertainment.

“In fact, by year-end, we expect this sector to generate as much as P78 billion in license fees alone, substantially contributing to the realization of our P100 billion revenue target for 2024,” Mr. Tengco said.

The country’s licensed casinos, which remained the biggest contributor to the third quarter GGR, brought in P50.72 billion despite a 2.27 percent decline in revenue performance compared to last year’s P51.90 billion.

Casino Filipino gaming venues operated by PAGCOR brought in P3.64 billion, 26.32 percent lower than the 2023 record of P4.94 billion.

Bingo operations contributed P4.52 billion to the GGR, also 19.43 percent lower than the 2023 third quarter revenue of P5.61 billion.