The Philippine gaming division, which includes non-casino businesses, generated gross gaming revenue (GGR) in the first half of 2024, slightly above PHP194.74 billion ($3.34 billion), up 19.21% from the same period a year earlier, according to a press release on Sunday from state-run Philippine Entertainment Gaming Company (Pagcor).
In the six months to June 30, the gaming regulator and consumer operator reported a net profit of 6.56 billion PHP, up 121.48% year-over-year.
The announcement quoted Pagco chairman and CEO Alejandro Tengko (pictured) as saying first-half results were “evidence of the positive outcomes of reforms and tougher regulations being implemented.”
“Factco’s solid net profit growth… It translates to a greater contribution to the nation’s construction,” Tengko said. “We were able to transfer $31.82 billion to the Treasury Department in the first six months, compared to $22.62 billion in the same period last year.”
Pagcor’s first-half total revenue was 51.76 billion PHP, up 42.92% from a year ago.
Game operations contributed the bulk of the institution’s revenue to PHP 45.39 billion, according to the data. Of that amount, 45.53 percent, or $20.6 billion, came from the electronic-provided gaming sector, such as “e-bingo, e-game and bingo grantees,” Pagcor said.
The country’s licensed commercial-sector casinos generated 16.6 billion PHP, or about 35.44% of Pagcor’s first-half revenue.
Pagcor said the publicly owned casino Philippine game chain’s revenue topped 6.93 billion PHP, or 15.27% of its total tally in the first half of the year.
Mr Tengco said the agency is likely to achieve or violate PHP 100 billion in 2024 in terms of gross annual revenue.
“With phenomenal revenue growth in the e-Games segment and more players and investors expressing their intentions to enter the Philippines market, we are confident that 2024 will truly be a banner year for Pagcor,” he said.
In early June, Mr. Tengko said that in January next year, the agency will cut rates again for e-delivery game operators in the country.
In terms of GGR, Mr Tengco said licensed casinos were still the biggest contributors during the first half of 2024 and generated $99.16 billion in PHP.
But Mr. Pagcor noted that the e-Games segment had the highest growth rate during the period and “understated the sector’s unprecedented performance,” which he described as “domestic driven.”
The e-Games segment posted sales of 63.1 billion PHP in the six months to June 30, up 208.4% from a year earlier, according to the agency.
The Pagcor-run casino imported 8.89 billion PHP in the first half of the year, down 11.60% from a year earlier.
BY: 홀짝게임