The eGames sector in the Philippines continued to see heady revenue growth in the third quarter of the year, topping PHP35.71 billion ($606.94 million), even as overall GGR hit a record PHP94.61 billion ($1.6 billion).
The growth of 464.38 percent yearly in the sector’s revenue was described as “phenomenal” by the Chairman and CEO of the Philippine Amusement and Gaming Corporation (PAGCOR), Alejandro H. Tengco.
It also represents a growth of 15.75 percent from the second quarter, according to statistics from PAGCOR.
Tengco indicated his optimism for the continual growth of the eGames sector, noting “by year-end, we expect this sector to generate as much as PHP78 billion ($1.32 billion) in license fees alone substantially contributing to the realization of our PHP100 billion ($1.7 billion) revenue target for 2024”.
In results released on Thursday, the authority indicated that total gross gaming revenues (GGR) in the country grew by 37.25 percent yearly to a record PHP94.61 billion ($1.6 billion) in 3Q24, a 6 percent increase from the previous quarter.
Licensed casinos continued to be the strongest revenue driver (or 53.6 percent of the total GGR), despite seeing a yearly decline of 2.27 percent, to PHP50.72 billion ($862.1 million). The figure was a 2.5 percent increase from the second quarter.
Revenue generated by Casino Filipino gaming venues operated by PAGCOR in 3Q24 continued their downward trend, falling by 26.32 percent yearly and 13.33 percent sequentially, to PHP3.64 billion ($61.87 million). This also comes as many of the venues face remodeling ahead of their intended privatization.
Meanwhile, revenue from bingo operations also followed the downward trend, falling by 19.43 percent yearly and 3.62 percent sequentially, to PHP4.52 billion ($76.82 million).
PAGCOR’s Chairman continues his support of the eGames sector’s contributions to the nation’s revenue, noting that “this impressive performance is a strong indication that the use of modern technology and mobile gadgets in gaming and amusement will continue to play a pivotal role in shaping the future of gaming.”
