E-games dislodge casinos as PAGCOR’s top earners – BusinessWorld Online
GROSS gaming revenue (GGR) rose 27.44% to P104.12 billion in the first quarter, with electronic gaming out-earning physical casinos for the first time, the Philippine Amusement and Gaming Corp. (PAGCOR) said.
In a statement on Wednesday, PAGCOR Chairman and Chief Executive Officer Alejandro H. Tengco said e-games and e-bingo “made history” as the main revenue driver for the first time.
The electronic businesses generated P51.39 billion or 49.36% of GGR.
He described the outcome as a “critical turning point” with electronic gaming now the industry’s leading revenue generator.
Licensed casinos generated P49.28 billion in GGR, accounting for 47.32% of the total.
“There was a minimal dip in revenue from licensed casinos… due to growing digital competition,” Mr. Tengco said, adding however that casinos continue to demonstrate “sustained strength and relevance.”
“The performance of brick-and-mortar casinos remains critical to industry stability, particularly in tourism-driven hubs such as Entertainment City and Clark.”
PAGCOR-operated casinos accounted for 3.31% of the GGR, or P3.45 billion in revenue.
Mr. Tengco said the shift indicates “how consumer behavior continues to shift towards digital, on-demand gaming experiences, accelerated by greater access to mobile technology.” — Aubrey Rose A. Inosante