Philippines Posts 2024 Industry Report, Highlights Record GGR

The Philippine Amusement and Gaming Corporation (PAGCOR) published information about the local gaming industry’s performance in 2024, outlining record-breaking gross gaming revenue for the period.

Philippine Gaming Is Still Growing

In its official release, the PAGCOR said that the Philippine gaming industry’s GGR for 2024 stood at PHP 372.33 billion ($6.5 million), marking a staggering 30.52% increase year-on-year. For comparison, the local gaming industry reported PHP 285.27 billion in revenue for 2023.

The PAGCOR emphasized that this figure does not include revenues from offshore gaming operations, which were officially banned at the end of 2024. The authority added that offshore gaming added an additional PHP 38.14 billion ($670 million), increasing the industry-wide total to PHP 410.47 billion ($7.16 billion).

The PAGCOR said that land-based gaming remained the biggest contributor to the GGR. For context, casinos in the Philippines reported PHP 201.83 billion ($3.52 billion) in revenue for the year, which is over half (54.20%) of the total GGR.

However, the GGR growth was primarily driven by the expansion of the e-games and e-bingo segment, which posted a GGR of PHP 154.51 billion ($2.7 million), representing a staggering 165.66% increase. In the previous year, the segment reported only PHP 58.16 billion in revenue. In 2024, e-games and e-bingo accounted for 41.51% of the total GGR.

The PAGCOR-operated casinos posted PHP 15.97 billion ($278 million) in GGR and were responsible for 4.29% of the total GGR. The PAGCOR’s net income stood at PHP 16.76 billion ($292 million), up 146% year-on-year.

The PAGCOR added that contributions to Nation-Building jumped 37.61% from PHP 49.56 billion in 2023 to PHP 68.20 billion ($1.19 billion) in 2024. With the inclusion of 50% cash dividends from net income (PHP 8.45 billion), total contributions to the national government reached PHP 76.66 billion ($1.34 billion).

Chair Tengco Applauded the Growth

Alejandro Tengco, chair and chief executive officer of the PAGCOR, lauded the continued momentum of the Philippine gaming sector. He added that the record-breaking GGR for 2024 highlights the important role of licensed casino gaming in the growth of the local industry.

They [casinos] remain as our biggest revenue drivers and a major source of government funding for socio-civic programs.

Alejandro Tengco, chair and chief executive officer, PAGCOR

Tengco continued that the growth of digital gaming shows that the Philippine sector is experiencing a rapid evolution as more and more people go online. He noted that the PAGCOR remains committed to promoting responsible gaming during this time of technological advancements.

The Philippine gaming industry isn’t just growing—it’s evolving, and with it comes greater responsibility and opportunity.

Alejandro Tengco, chair and chief executive officer, PAGCOR

Tengco pointed out that the industry’s growth will allow it to create more jobs, attract more investments and generate more funds for social programs.

In other news, Tengco recently received a special award at the ASEAN Gaming Summit. As someone who continues to play a key role in the transformation of the local gaming industry, Tengco has solidified his position as one of the visionary leaders in Asian gaming.