Philippine GGR for the First Quarter Sets a New Record
The Philippine gaming industry has marked a significant milestone in the first quarter of 2024, with gross gaming revenues (GGR) reaching an unprecedented $1.42 billion. This figure not only sets a new record for the sector but also represents a substantial increase of 18.5% over the same quarter in the previous year.
The Okada Manila casino resort in the Philippines at night. (Source: Getty Images)
LISTEN TO THIS ARTICLE:The growth trajectory of the industry is further underscored by the fact that this quarter's GGR is also 2% higher than the last quarter of 2023. The growth can be attributed to several factors, including the robust performance of electronic games, which have seen a surge in popularity. The Philippine Amusement and Gaming Corp. (PAGCOR), the country's gaming regulator and, for a little while longer, the operator of state-run casinos, reported that the electronic-delivered games segment alone brought in $392.85 million in GGR for the three months to March 31.
Related: PAGCOR's Q1 Income Exceeds PHP25 billionThis is more than six times the $61.11 million recorded in the opening quarter of 2023. This increase reflects the public's growing preference for digital entertainment options, a trend that has been accelerated by the proliferation of mobile devices and advancements in gaming technology.
The licensed commercial-sector casinos continue to be the biggest contributor to the GGR, despite a slight year-on-year decline. PAGCOR-operated casinos, under its network of Casino Filipino venues, have also reported revenues, although these, too, have seen a decrease from the previous year. This shift in revenue sources highlights the ongoing challenge faced by land-based casino venues as more players continue to migrate to online platforms. Nevertheless, the overall performance of the gaming industry remains strong, with bingo operations and other gaming activities contributing to the total GGR.
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Plenty of Room for Growth
Looking ahead, PAGCOR has projected that the nation's gaming industry will generate 5.8 billion in GGR for the full year of 2024. This would represent a 17.9% increase compared with 2023.
The first-quarter aggregate already accounts for 24.3% of this target, suggesting that the industry is on track to meet or even exceed these expectations. The sustained growth and development of the gaming sector in the Philippines are indicative of the industry's resilience and its ability to adapt to changing market dynamics and consumer behaviors.
The record-breaking performance of the Philippine gaming industry in the first quarter of 2024 is a testament to the sector's robust recovery post-pandemic and its ongoing evolution. With the continuous enhancement of regulatory frameworks and the strategic positioning of the Philippines as a gaming hub in Asia, the industry is well-poised for future growth.
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