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PHL gross gaming revenue up 18.5% in first quarter — PAGCOR

THE Philippines’ gross gaming revenue (GGR) rose 18.5% year on year to a record P81.7 billion in the first quarter, the Philippine Amusement and Gaming Corp. (PAGCOR) said.

In a statement on Wednesday, the gaming regulator said the first quarter total was nearly on pace to hit the full-year GGR target of P336 billion.

“The latest GGR is another new record, sustaining an upward trend for the gaming industry since the post-pandemic recovery started in the last quarter of 2022,” it said.

PAGCOR said that the bulk of first-quarter revenue was generated by licensed casinos, which raised P49.7 billion, though this was 8.2% lower year on year.

Meanwhile, e-games revenue surged 543% to P22.5 billion.

“The e-games revenue performance continues to exceed our projections, and this reflects how gaming technology and the proliferation of mobile devices is influencing not only our daily lives but our entertainment choices as well,” PAGCOR Chairman and Chief Executive Officer Alejandro H. Tengco said.

Revenue from PAGCOR-operated casinos under its Casino Filipino brand dropped 8.6% to P4.69 billion.

PAGCOR said this was due to the “challenge faced by the segment as more players continue to migrate to online platforms.”

Meanwhile, bingo revenue fell 21.5% to P4.81 billion. — Luisa Maria Jacinta C. Jocson