THE Philippines’ gross gaming revenue (GGR) recorded a 25% growth in 2024, despite the government’s ban on Philippine Offshore Gaming Operators (POGOs). This surge was driven by a remarkable 165% year-on-year increase in electronic gaming revenue.
According to the Philippine Amusement and Gaming Corp. (PAGCOR), the country’s GGR reached P410 billion in 2024, up from P329 billion in 2023. Brick-and-mortar casinos contributed P201 billion, while the e-bingo sector saw a significant 165% year-on-year GGR growth, reaching P154.41 billion.
PAGCOR Chairman and Chief Executive Officer Alejandro Tengco attributed the strong performance to strategic policy adjustments, particularly the gradual reduction of fee rates for e-games since 2023. “At the time, PAGCOR was collecting between 50% to 55% license fees, thus deterring expansion, but effective January 1, 2025, our fee rates for E-Games stand at only 30% of GGR,” he explained.
The increased GGR in 2024 comes after President Ferdinand Marcos Jr., in his State of the Nation Address (SONA) in July, ordered the ban on all POGOs, citing “grave abuse” and “disrespect” for the country’s system and laws.
“As offshore gaming exits, PAGCOR recognizes that the future of Philippine gaming will continue to become more technology-driven. This is why PAGCOR will continue to closely regulate electronic gaming while ensuring strict oversight to combat illegal operators,” Tengco stated.
Meanwhile, PAGCOR recorded P112 billion in revenue in 2024, leading to a 51% increase in net operating income to P84.97 billion and a net income of P16.76 billion.
The agency announced in 2023 its plan to privatize its self-operated casinos, shifting towards a purely regulatory role. This move is expected to generate an additional P60 billion to P80 billion in revenue.
PAGCOR aims to divest from casino operations over the next five years, with an anticipated opening of one “integrated resort” per year.
