PAGCOR confident in achieving €5.3 billion Philippines’ GGR in 2024
The Philippine Amusement and Gaming Corporation (PAGCOR) is optimistic about the country’s gaming industry. In an exclusive interview with SiGMA News, PAGCOR Chairman and CEO Alejandro Tengco said the agency is confident that the Philippines can achieve its target gross gaming revenue (GGR) of PHP336.38 billion (€5.3 billion) in 2024.
Last month, PAGCOR reported an increase in its first-quarter income for 2024, reaching PHP25.24 billion (€408.5 million), marking a 42.57 percent increase compared to the same period last year.
“With the results of the first quarter, I do believe that the projected $5.5 billion (€5.3 billion) in gross gaming revenue is achievable,” Tengco affirmed. “As long as there are no major geopolitical problems in the Asia Pacific region, we will have a very good year.”
Ambitious goals for the Philippines’ gaming market
Earlier this year, Tengco expressed his goal for the Philippines to become one of the largest gaming markets in the Asia Pacific region, second only to Macau. “Starting this year and in the years to come, we will be opening new integrated resorts (IRs) and regular casinos,” he stated. “Just three days ago, we opened the latest integrated resort in the northern side of Metro Manila — Solaire Resort North — the first five-star hotel with a gaming facility in that area.”
Tengco said the new Solaire Resort North has shown promising results in its initial days, with strong revenue from gaming. He also highlighted the planned openings of more integrated resorts, including one within Entertainment City and another in Clark in Pampanga, as well as new casinos in Boracay and Mactan Island. “By 2026, we will have a new land-based casino in Cebu in time for the ASEAN ministers meeting,” he noted.
Electronic gaming: A growth sector
The electronic gaming sector is experiencing exponential growth, a trend PAGCOR aims to capitalize on. “We have seen a growth of 43 percent year-on-year in the first quarter of 2024 compared to 2023,” Tengco said. This growth is partly driven by PAGCOR’s decision to reduce tax rates for electronic gaming licenses, which will drop further by January 2025. “This will definitely drive up the income of PAGCOR,” Tengco asserted.
Overhauling IGLs
PAGCOR has also restructured its Internet Gaming Licences (IGLs) to ensure compliance and weed out criminal activities. From 298 licences, the number has been reduced to almost 50, focusing on companies that operate legitimately and serve overseas clients. “We generated more than $2 million in fines and penalties to show that PAGCOR is strictly enforcing new standards,” Tengco explained. This restructuring aims to create a cleaner and more reputable online gaming environment.
SiGMA Asia: A key event for the Philippines
“Hosting international iGaming events like SiGMA Asia is a great opportunity for the Philippines,” Tengco said. “It puts us on the gaming map globally and allows us to showcase new innovations, machines, and products being developed for the future of the gaming industry.”
Tengco emphasised the significance of the event, which brings together gamers, suppliers, and regulators from around the world. This year’s SiGMA Asia, following the success of the inaugural event, is expected to be even better. “This gives an opportunity to all stakeholders to learn about new innovations and see new products that are being developed not only for the Philippines but for the global gaming industry,” he added.
Looking ahead to this year’s SiGMA Asia, Tengco is optimistic about its potential. “I was very impressed with the first SiGMA Asia conference last year, which was a huge success,” he said. “This year, we expect an even bigger event with more delegates and a greater impact.”
The conference is set to attract thousands of delegates, and Tengco believes it will significantly enhance the Philippines’ reputation in the global gaming industry. “My belief is it will be bigger than last year,” he concluded. “Hopefully, Manila, the Philippines will be the site for all your future conferences.”?
