The Philippine Amusement and Gaming Corporation (PAGCOR) reported today that the country’s Gross Gaming Revenues (GGR) for the second quarter of 2024 reached P89.23 billion. This represents a 32.32% increase from the P67.43 billion recorded during the same period last year.
The second-quarter GGR also represents a 9.21% increase over the first quarter’s revenue of P81.70 billion.
PAGCOR Chairman and CEO Alejandro H. Tengco highlighted the Electronic Games (E-Games) sector as the standout performer, contributing P30.85 billion to the GGR. This sector saw a remarkable 525% growth compared to the P4.93 billion reported in the same quarter last year.
“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 said.
He attributed the sector’s success to significant policy reforms implemented by PAGCOR over the past year.
Licensed casinos contributed P49.48 billion to the GGR this quarter, maintaining their position as the largest contributor, although this figure is lower compared to P51.70 billion last year and P49.68 billion in the previous quarter.
PAGCOR-operated casinos under the Casino Filipino brand earned P4.20 billion, a 14.80% decrease from last year’s P4.93 billion and a 10.41% drop from the previous quarter’s P4.69 billion.
Bingo operations generated P4.69 billion, down from P5.85 billion in the second quarter of 2023 and slightly lower than the P4.81 billion recorded in the first quarter of 2024.
Gross Gaming Revenue (GGR) is a key financial metric for the gambling and betting industry. It reflects the difference between the total amount of money players wager and the amount they win. GGR measures the amount retained by gaming operators from player bets, excluding any operational costs or winnings paid out. It's important to note that GGR is equivalent to sales or revenue rather than profit.