Casinos Hold Key Role in Filling Philippines' Public Treasury, According to Tengco
The Philippine gaming scene hit new heights in 2024, with e-Games and e-Bingo taking center stage as the jackpot drivers! Here's a lowdown on the sector's remarkable performance and its role in fueling the nation's coffers.
Let's dive right into it. Last year, the sector raked a record PHP372.33 billion (approx. US$3.53 billion) in Gross Gaming Revenue (GGR). Casinos licensed by Pagcor made over half of that pile, contributing PHP201.84 billion, which equates to 54.2%! According to Alejandro Tengco, chairman and CEO of Pagcor, these casinos remain "the biggest revenue drivers and a major source of government funding for socio-civic programs."
The initial industry-wide GGR projection was PHP410.48 billion, but the final number still shows a hearty 30.5% increase from the previous year, thanks largely to the success of electronic gaming.
Location, Location, Location
Metro Manila's casinos, including those in Entertainment City, pocketed PHP164.08 billion in GGR. However, growth wasn't as robust as '23, showing a dip of 5.3%. On the flip side, the Greenfield Zone saw GGR soar by 71.9% to PHP9.47 billion.
E-games made a significant impact on the industry's growth, generating PHP154.51 billion in 2024, rising a whopping 165.66% from PHP58.16 billion the year before. In fact, electronic games accounted for a hefty 41.5% of the industry's total GGR.
The cherry on top? Pagcor reported a revenue of PHP111.71 billion for 2024, representing a impressive spike of 40.74% compared to 2023. Net income also skyrocketed, reaching PHP16.76 billion, up a staggering 146% year-on-year.
The agency also handed over PHP76.66 billion to the national government last year. Their contributions to nation-building programs increased 37.61% to PHP68.20 billion. With this type of success, Tengco heralded, "We're looking at a stronger multiplier effect - more jobs, more investments, and more public funds for social programs. The Philippine gaming industry isn't just growing - it's evolving, and with it comes greater responsibility and opportunity."
Intriguingly, the expansion of gaming-related infrastructures, such as the New Coast Hotel Manila, further solidifies the industry's potential for generating substantial economic benefits beyond direct revenue. Overall, the Filipino gaming sector continues to be a valuable contributor to the country's economic growth and national goals.
In 2024, the Philippine gaming sector experienced a significant boost, with electronic games and e-Bingo garnering a notable presence.
Casinos, including those in Metro Manila and the Greenfield Zone, contributed a substantial amount to the sector's Gross Gaming Revenue (GGR).
The GGR for 2024 reached PHP372.33 billion, with casinos licensed by Pagcor accounting for nearly half of the total, around PHP201.84 billion.
Pagcor, the agency overseeing the gaming industry, reported a remarkable increase in revenue for 2024, amounting to PHP111.71 billion, a spike of 40.74% compared to the previous year.
