The second quarter of 2024 was a strong one for licensed casinos in the Philippines, with significant growth in gross gaming revenue (GGR) both year-on-year and quarter-on-quarter. The Philippine Amusement and Gaming Corporation (PAGCOR), the country’s gaming regulator, released its GGR data for the three months ended June 30, 2024.
According to the latest financial data, the total GGR for the second quarter was PHP89.23 billion ($1.56 billion). Compared to PHP67.43 billion ($1.18 billion) in the same period last year, the figure was 32.32%.
In addition, the quarterly comparison also points to positive developments. In the first quarter of this year, the total GGR was PHP 81.70 billion ($1.43 billion). This represents a 9.21% increase over the second quarter.
Breaking down the data, despite the decline in casino revenue, the E-Games sector showed significant improvement in the second quarter. Although the GGR in casinos declined both year-on-year and quarter-on-quarter, casinos remain the main source of revenue.
Specifically, licensed casinos reported revenue of PHP 49.48 billion ($869 million). This was lower than the PHP 49.68 billion ($872.5 million) in the first quarter. The year-on-year analysis also showed a decline compared to the PHP 51.70 billion ($908 million) in the second quarter of 2023.
E-Games Success Offsets POGO Ban Impact
PAGCOR Chairman and CEO Alejandro H. Tengco expressed satisfaction with the latest financial results. He noted that the E-Games sector revenue reached PHP4.93 billion ($86.6 million) in the second quarter, up 525% year-on-year.
Tengco added, “This sector continues to exceed expectations and should help offset any losses related to the POGO ban that will take effect by the end of the year.”
In addition to the E-Games and Casino sectors, PAGCOR also reported bingo and Casino Filipino brand revenue.
Bingo generated PHP5.85 billion ($102.8 million) in the second quarter of 2023. However, in the current quarter, the figure dropped to PHP4.69 billion ($82.4 million), also lower than the first quarter result of PHP4.81 billion ($84.5 million).
Similarly, casinos operating under the Casino Filipino brand reported revenue of PHP4.20 billion ($73.8 million) in the second quarter of 2024, a 14.80% decrease compared to the same period of 2023.