The Philippines’ gross gaming revenue (GGR) surged by 25% in 2024 to P410 billion despite the ban imposed by the government on Philippine Offshore Gaming Operators (POGOs), according to the Philippine Amusement and Gaming Corporation (PAGCOR).
According to PAGCOR, the main driver of growth was a 165% increase in revenues from electronic gaming, with the e-bingo sector alone accounting for P154.41 billion. Traditional brick-and-mortar casinos contributed significantly as well, recording P201 billion in GGR.
The hefty revenue growth came despite President Ferdinand “Bongbong” Marcos Jr. ordering a ban on POGOs in his State of the Nation Address (SONA) last July, expressing concerns over alleged “grave abuses” on the part of the sector and “utter disrespect” against Philippine laws and regulations.
PAGCOR itself reported all-time high revenues of P112 billion for 2024-plus a 51% jump in net operating income to P84.97 billion. The agency’s net income also rose to P16.76 billion.
PAGCOR vows to pursue plans of exiting casino operations entirely, focusing solely on its regulatory role. In 2023, the agency expressed its desire to privatize its self-operated casinos, potentially raising between P60 billion and P80 billion in the process.
The transition is expected to take five years, with PAGCOR projecting the opening of one integrated resort that will open each year.
