Pasay City: The local gaming industry’s gross gaming revenues (GGR) reached a record-high of over PHP400 billion last year, the Philippine Amusement and Gaming Corporation (PAGCOR) said.

According to Philippines News Agency, in a briefing at the PAGCOR office in Pasay City on Wednesday, PAGCOR chairperson and chief executive officer Alejandro Tengco reported that the GGR last year reached PHP410.5 billion. This amount was the second highest in Asia after Macau and notably higher than the PHP328.8 billion recorded in 2023.

Tengco outlined the distribution of the total revenues, stating that integrated resorts accounted for 49 percent, electronic games or e-games for 38 percent, offshore gaming operations for 9 percent, and PAGCOR casinos for 4 percent. He expressed confidence that the gaming industry’s GGR would continue to rise this year, even in the absence of offshore gaming operations.

Projections for this year’s GGR anticipate a range of PHP450 to PHP480 billion, with January alone already contributing nearly PHP40 billion. Tengco noted that the share of integrated resorts and e-games to the total GGR this year are expected to increase to 50 percent and 45 percent, respectively, while revenues from PAGCOR casinos are predicted to contribute 5 percent.

Tengco highlighted the potential growth in GGR, attributing it to the rise in e-gaming. He explained that e-games continue to attract previously unregistered operators to register, due to the rates now being comparable to the license fees of online gaming jurisdictions worldwide. He added that the integrated resorts are also gaining momentum, which contributes to the growth.

Earlier this year, PAGCOR reduced the fee for e-games from 35 percent to 30 percent, a decision aimed at fostering a more favorable regulatory environment by encouraging unregistered online gaming operators to transition to the legal market.