Combined gross gaming revenues (GGR) for licensed casinos in the Philippines noticed a 4.3% year-over-year lower to Php49.48 billion (US$864 million). This slight decline was adopted intently by first quarter GGR of Php49.68 billion (US$867 million). Despite the downward pattern in conventional on line casino revenues, the general gaming trade in the Philippines skilled strong development, because of the burgeoning E-Games sector.
E-games: the standout performer:
The E-Games sector, heralded by PAGCOR Chairman and CEO Alejandro H. Tengco, has proven outstanding development, with revenues reaching Php30.85 billion (US$539 million). This represents a formidable 525% enhance from the earlier 12 months’s Php4.93 billion (US$86.1 million). “This sector continues to surpass targets and should help cover up for any shortfall resulting from the President’s order banning offshore gaming operations or POGOs by the end of the year,” Tengco said, as Inside Asian Gaming reports, underscoring the strategic significance of E-Games in the native gaming market.
The PAGCOR-operated Casino Filipino model witnessed a decline in income, bringing in Php4.20 billion (US$73.3 million) in the second quarter, a 14.8% drop from the 2023 figures. Similarly, income from bingo operations fell to Php4.69 billion (US$81.9 million), additionally down from the prior 12 months’s second quarter income of Php5.85 billion (US$102 million).
International views: Universal Entertainment Corp:
Universal Entertainment Corp, the father or mother firm of Okada Manila, highlighted challenges in the Philippines on line casino sector on account of a slowdown in the junket enterprise, which impacted its general efficiency. “The number of VIP guests at Okada Manila continued to decline as the slowdown of the junket business negatively affected the overall market conditions for the casino business in the Philippines,” the corporate noted in a filing. Despite a downtrend in the mass market and gaming machine sectors from the earlier 12 months, the corporate noticed a regular enhance in gross sales in comparison with the pre-pandemic peak of 2019.
Universal’s “Amusement Equipments Business,” which incorporates pachinko and pachislot machines, additionally skilled important downturns. The pachislot sector remained strong, largely as a result of innovation in good machines assembly operators’ expectations. However, gross sales in the pachinko sector, regardless of the introduction of machines with new options like a fortunate set off operate, had been gradual in comparability.
Overall, the second quarter painted a posh image of the Philippines’ on line casino trade. While conventional gaming venues face challenges, the explosive development of E-Games and strategic changes in amusement gear recommend a transformative section for the trade, highlighting adaptability and potential avenues for restoration and development.
Stakeholders stay cautiously optimistic, specializing in adapting to market calls for and exploring new gaming frontiers. This adaptability not solely goals to mitigate present market challenges but in addition units a basis for sustained development in a post-pandemic period, making certain the trade’s resilience and continued contribution to the nationwide economic system.
