PAGCOR Chairman and CEO Alejandro Tengco announced during a briefing at the PAGCOR office in Pasay City on Wednesday that the total gaming revenue for last year reached PHP 410.5 billion.
This figure ranks second in Asia after Macau and surpasses the PHP 328.8 billion recorded in 2023.
According to Tengco, the revenue breakdown was as follows:
- Integrated resorts (IRs): 49%
- Electronic gaming: 38%
- Offshore gaming operations: 9%
- PAGCOR-operated casinos: 4%
Despite the absence of offshore gaming operations, PAGCOR expects total gaming revenue to continue rising this year.
Tengco projected that 2024’s total gaming revenue will reach PHP 450 billion to PHP 480 billion. He also noted that January alone recorded nearly PHP 40 billion in revenue.
For 2024, the share of IRs and electronic gaming in total revenue is expected to rise to 50% and 45%, respectively, while PAGCOR-operated casinos will contribute 5%.
“I believe the growth in total gaming revenue will come from electronic gaming, and I expect the January trend to continue,” Tengco said.
“We are encouraging unregistered electronic gaming operators to register, as their fees are now comparable to licensing fees in global online gaming jurisdictions. We will continue to welcome new registrations, which will drive further growth. As I mentioned, IRs are also gaining momentum,” he added.
Earlier this year, PAGCOR reduced electronic gaming fees from 35% to 30%.
Tengco previously stated that this move aims to create a more favorable regulatory environment by encouraging unregistered online gaming operators to transition to the legal market.
