Revenues for Pagcor’s casino sector to hit P275B
INQUIRER FILE PHOTO
Philippine Amusement and Gaming Corp. (Pagcor) chief expects revenues from the licensed casino sector and electronic games (e-games) to contribute P275 billion and P100 billion, respectively, in its gross gaming revenues (GGR) by the end of the year.
“We are projecting that by year-end, the licensed casino sector group, including those from the entertainment city, Clark, Cebu, and the Fiesta casinos in Rizal and Puerto Princesa will contribute as much as P257 billion to our GGR in 2024.” Pagcor Chairperson Alejandro Tengco said on Tuesday.
Pagcor’s GGR amounted to P89.23 billion in the second quarter, up by 32.32 percent from P67.43 billion last year.
READ: Pagcor revenues up 32.32% to P89B
Revenues of the e-games sector surged by 525 percent to P30.85 billion from P4.93 billion last year, making it the best growth performer among other sectors.
Article continues after this advertisement“The e-games sector growth is driven mainly by the rapid technological advances, the increasing availability and affordability of mobile gadgets and devices, and a fast-evolving consumer behavior that is more and more economic technology-driven,” Tengco said.
Article continues after this advertisementTengco expressed optimism as he expects growth in the e-games sector to continue.
“By year-end, we project that this sector will generate close to P100 billion pesos in GGR on its way to becoming the fastest-growing segment in Pagcor in the next few years,” he added.
Licensed casinos logged P49.48 billion in revenues in the second quarter, albeit at a lower level from last year’s P51.70 billion and the P49.68 billion seen in the previous quarter.
READ: Pagcor to cut license fees by 2025
In addition, Pagcor-operated casinos under the Casino Filipino brand will receive about 2,000 units of new slot machines this month as a part of its modernization efforts.
The agency ordered a total of 3,341 new slot machines which are identical to those that are being used in the country’s top integrated resort casinos.
“With all these initiatives and preparations, we are confident that the Philippines through Pagcor will continue to remain at the forefront of the gaming industry innovations in the Asia-Pacific region,” Tengco said.
“And while we remain as one of the most mature gaming destinations in Asia, we believe that there is still plenty of room for growth. And we intend to seize every opportunity that will come our way,” he added.
