Philippines 1Q GGR at record US$1.4bln, up 19pct y-o-y

The Philippine gaming division's gross gaming revenue (GGR) rose 18.5% year-over-year to 81.77 billion PHP ($1.42 billion) in the first quarter of 2024, including its non-casino business. The figure represents a 2.0% quarter-over-quarter increase.

Philippine entertainment and gaming corporation (Pagcor), a casino regulator in the Philippines, said in a release on Wednesday that its latest quarter GGR figures "have remained elevated for the local gaming industry since the start of the post-pandemic recovery in the last quarter of 2022, setting another new record."

The agency said the electronic gaming sector posted a GGR of 22.5 billion PHP in the three months to March 31, continuing a "record performance" equivalent to "more than six times" of 3.5 billion PHP recorded in the first quarter of 2023.

Allejandro Tenko, chairman and chief executive of Pagcore, said in a news release that its e-game sales performance "continues to exceed" regulators' expectations.

He said: "This reflects how the proliferation of gaming technology and mobile devices is affecting not only our daily lives but also our entertainment choices."

"With technology constantly shaping our lives, the way we do business, even the way we choose entertainment, the future of gaming is definitely dependent on this [e-Games] sector," Tengco added

The licensed commercial sector casino in India was still the "biggest contributor" to gross profit of 49.7 billion PHP in the first quarter. The figure was down 8.2% year-over-year, the release said.

First-quarter revenue fell 8.6% year-over-year to 4.69 billion PHP, according to the Pagcor-run Casino Philippines Casino Network. 실시간 바카라사이트

The agency said the year-over-year GGR decline in land casino venues "understated the challenges facing the sector as more players continue to migrate to online platforms."

Pagcor expects to post 336.38 billion PHP in revenue for the U.S. gaming industry this year, up 17.9% from 2023. Total revenue accounted for 24.3% of the agency's target in the first quarter.

In April, state-owned Pagcor reported gross revenues for the first quarter of 2024 rose 42.6% year-over-year to 25.24 billion PHP.