Philippine Amusement and Gaming Corporation (PAGCOR) has seen a strong period of growth, recording a 42% year-on-year revenue growth in the first nine months of 2024.
In total, the group generated PHP79.43 billion (US$1.36 billion) in revenue as the Philippines’ gaming sector navigates the new regulatory landscape.
The results highlighted the significant growth of the country’s thriving online gaming sector, which reported 25% of total revenue in the nine-month period.
Alejandro Tengco, PAGCOR Chair and CEO, stated: “Our third quarter performance is a strong indication that in spite of the President’s decision to ban offshore gaming operations in the country, we are still on track to meet our Php100bn revenue target by year-end.
“From our total contributions to nation-building, Php33.2bn ($570m) went to the National Treasury as 50% government share. Half of the remittances to the national coffers, or Php16.6bn ($285m), has been earmarked for PhilHealth to fund the Universal Healthcare Law.”
PAGCOR has taken significant steps to reorient operators towards the regulated space, one of the key ones being the decision to reduce operator fees to 25% by 2025. The move was reiterated by Tengco during a keynote at the IAG Academy Summit.
In addition, the regulatory framework in the region continues to evolve, which will allow for a reduction of up to 30% in fees for other integrated resorts and land-based operators.
This comes as the country takes significant steps to clean up its gaming sector and crack down on the black market, with licensed integrated resorts planning to reduce GGR fees by 10%.
Tengco also said he is “encouraging operators to move away from grey markets and embrace the mainstream” as he teams up with government forces to step up the fight against illegal operations in the region.
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