Combined gross gaming revenues (GGR) for licensed casinos in the Philippines saw a 4.3% year-over-year decrease to Php49.48 billion (US$864 million). This slight decline was followed closely by first quarter GGR of Php49.68 billion (US$867 million). Despite the downward trend in traditional casino revenues, the overall gaming industry in the Philippines experienced robust growth, thanks to the burgeoning E-Games sector.
E-games: the standout performer:
The E-Games sector, heralded by PAGCOR Chairman and CEO Alejandro H. Tengco, has shown remarkable growth, with revenues reaching Php30.85 billion (US$539 million). This represents an impressive 525% increase from the previous year’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 stated, as Inside Asian Gaming reports, underscoring the strategic importance of E-Games in the local gaming market.
The PAGCOR-operated Casino Filipino brand witnessed a decline in revenue, bringing in Php4.20 billion (US$73.3 million) in the second quarter, a 14.8% drop from the 2023 figures. Similarly, revenue from bingo operations fell to Php4.69 billion (US$81.9 million), also down from the prior year’s second quarter revenue of Php5.85 billion (US$102 million).
International perspectives: Universal Entertainment Corp:
Universal Entertainment Corp, the parent company of Okada Manila, highlighted challenges in the Philippines casino sector due to a slowdown in the junket business, which impacted its overall performance. “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 company noted in a filing. Despite a downtrend in the mass market and gaming machine sectors from the previous year, the company observed a steady increase in sales compared to the pre-pandemic peak of 2019.
Universal’s “Amusement Equipments Business,” which includes pachinko and pachislot machines, also experienced significant downturns. The pachislot sector remained robust, largely due to the innovation in smart machines meeting operators’ expectations. However, sales in the pachinko sector, despite the introduction of machines with new features like a lucky trigger function, were slow in comparison.
Overall, the second quarter painted a complex picture of the Philippines’ casino industry. While traditional gaming venues face challenges, the explosive growth of E-Games and strategic adjustments in amusement equipment suggest a transformative phase for the industry, highlighting adaptability and potential avenues for recovery and growth.
Stakeholders remain cautiously optimistic, focusing on adapting to market demands and exploring new gaming frontiers. This adaptability not only aims to mitigate current market challenges but also sets a foundation for sustained growth in a post-pandemic era, ensuring the industry’s resilience and continued contribution to the national economy.
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