According to the latest figures from the Philippine Amusement and Gaming Corporation (PAGCOR), the Philippines’ gaming industry achieved record-breaking gross gaming revenues (GGR) of Php 372.33 billion (€6.14 billion) in 2024, up 30.5 percent from Php 285.27 billion (€4.71 billion) in 2023.

This record was primarily driven by a massive surge in the E-Games and E-Bingo sector, which grew by 165.7 percent year-on-year to Php 154.51 billion (€2.55 billion) from Php 58.16 billion (€960 million) in 2023. The digital gaming sector now makes up 41.5 percent of the total GGR, signaling a clear shift in player preferences toward online formats.

On the announcement, PAGCOR Chairman and CEO Alejandro H. Tengco emphasised the industry’s strong performance, highlighting both resilience and adaptability. “This GGR feat underscores the crucial role of licensed casinos in sustaining the growth momentum of the Philippine gaming sector, they remain our biggest revenue drivers and a major source of government funding for socio-civic programmes.” He said.

Progress marked, yet decline seen

Land-based casinos maintained their lead as the sector’s top contributor, generating Php 201.83 billion (€3.33 billion) in 2024 and accounting for 54.2 percent of total GGR. Among them, the Entertainment City resorts, Solaire, Okada Manila, City of Dreams, and Newport World,  contributed Php 164.1 billion (€2.71 billion), although this marked a 5.3 percent year-on-year decline.

Casinos in the Clark Freeport Zone also saw a slight dip of 1.1 percent to Php 26.9 billion (€444 million). In contrast, Greenfield casinos,  located in tourism growth areas, surged by 71.9 percent to Php 9.47 billion (€156 million), reflecting growing regional demand.

PAGCOR-operated casinos generated Php 15.97 billion (€264 million), representing 4.3 percent of total GGR. Slot machines continued to be the primary revenue source within this category.

Earnings exclude POGO sources

Revenues from offshore gaming operators (POGOs), which were ordered to shut down by the end of 2024, were excluded from the official tally. Prior to the ban, POGOs added Php 38.14 billion (€629 million), which, if included, would push the industry-wide GGR to Php 410.47 billion (€6.77 billion).

Overall, PAGCOR’s total revenues rose 40.7 percent to Php 111.71 billion (€1.84 billion), while contributions to nation-building increased 37.6 percent to Php 68.20 billion (€1.12 billion). The agency’s net income more than doubled, soaring 146 percent to Php 16.76 billion (€277 million). With half of this allocated as cash dividends, PAGCOR contributed Php 76.66 billion (€1.27 billion) to the national government.

“The Philippine gaming industry isn’t just growing, it’s evolving,” Mr Tengco said. With a bigger GGR base, the country is eyeing a more substantial multiplier effect, more jobs, more investments, and more public funds for social programmes.