The Philippine gaming industry posted gross gaming revenues (GGR) of P87.60 billion in the first quarter, down 15.87 percent from P104.12 billion in the same period last year, amid weaker performance from the electronic gaming sector.
Electronic gaming operations, including E-Games, E-Bingo, bingo and poker, recorded a combined 22.43 percent year-on-year decline in gross gaming revenues during the January-to-March period.
Philippine Amusement and Gaming Corp. (PAGCOR) Chairman and CEO Alejandro H. Tengco said the industry’s first-quarter performance mirrored the economic pressures and changing market conditions.
“We attribute the first quarter dip to several factors, including softer discretionary spending amid geopolitical tensions in the Middle East, and rising inflationary pressures,” Tengco said.
Licensed casinos
Licensed casinos accounted for the largest share of industry revenues during the quarter, generating P44.52 billion or 50.83 percent of total GGR.
The electronic gaming sector contributed P39.90 billion, accounting for 45.55 percent of total GGR, while PAGCOR-operated casinos generated P3.17 billion or 3.62 percent of the total.
Investments continue
Despite the decline, PAGCOR said operators continue to invest in integrated resort developments, digital innovation and responsible gaming initiatives.
“We remain hopeful that once the geopolitical tensions stabilize, consumer confidence and discretionary spending will also gradually recover, which should help support improved industry performance,” Tengco said.