The Philippine gaming industry experienced a significant increase in sales during the first half of 2024, registering 19.2% year-over-year growth. According to the latest figures released by the Philippine Entertainment Gaming Company (PAGCOR), the industry’s total sales during this period amounted to Pph194.7 billion ($3.34 billion). This impressive growth was primarily driven by the burgeoning online gaming sector, which includes the E-Games, E-Bingo, and Bingo businesses.

Online gaming leads the growth:

An important part of PAGCOR’s report is the outstanding performance of the E-Games segment. E-Games’ gross gaming revenue (GGR) more than tripled to reach $63.01 billion ($1.08 billion) in the first half of 2024. The surge highlights the significant domestic demand for online gaming platforms and the growing popularity of these digital gaming options among Filipino players.

Licensed casinos, which include Entertainment City’s main facilities and local venues in Clark and Cebu, accounted for the largest portion of the GGR. However, casinos run by PAGCOR failed to do well, with a 11.6% year-over-year GGR decline to 8.9 billion Pph ($152 million). Despite the decline, overall growth in the gaming sector remains solid.

PAGCOR’s financial results were noticeably strong in the first half of 2024. The company reported net income of $6.56 billion ($112 million), a 121.5% increase from $2.96 billion ($57 million) in the same period last year. According to a report by Inside Asian Gaming, PAGCOR’s Chairman and CEO Alejandro H. Tengco emphasized the importance of this growth, saying, “PAGCOR’s strong net income growth, as well as leading to greater national construction contributions (CNB). It was able to transfer CNB’s $31.8 billion ($545 million) to the Treasury Department in the first six months, compared to $22.6 billion ($387 million) in the same period last year.”

Details of sales:

PAGCOR reported total revenue of 51.8 billion Pph ($887 million) in the first half of 2024, up 42.9% year-over-year. Gaming operations contributed 45.4 billion Pph ($778 million) as the primary revenue driver. In particular, nearly half of PAGCOR’s gaming revenue came from its online gaming division, which generated 20.7 billion Pph ($355 million). Integrated resorts and licensed casinos contributed Pph16.2 billion ($277 million), accounting for 35.4% of PAGCOR gaming revenue, while casinos run by casino Philippine brand PAGCOR added Pph 6.93 billion ($119 million) to account for 15.3% of the total.

With its first-half earnings setting a strong precedent, PAGCOR is giving an optimistic outlook on meeting its full-year revenue target. Tengco expressed confidence in achieving 100 billion Pph ($1.71 billion) in total annual revenue, citing phenomenal growth in the E-Games segment and growing interest from both players and investors in the Philippine market. “With phenomenal sales growth in the E-Games segment and more players and investors expressing their intention to enter the Philippine market, we are confident that 2024 will truly be a banner year for PAGCOR,” he said, according to an Asia Gaming Brief report.

The significant revenue growth of the Philippine gaming industry, driven by the rise of online gaming and the steady contribution of licensed casinos, positions the segment for continued success throughout the year. PAGCOR’s significant net revenue growth and optimistic outlook further underscore the sector’s resilience and potential for continued expansion. 카지노사이트