The local gaming industry's gross gaming revenues (GGR) reached a record-high of over P400 billion last year, the Philippine Amusement and Gaming Corporation (PAGCOR) said.

In a briefing at the PAGCOR office in Pasay City on Wednesday, PAGCOR chairperson and chief executive officer Alejandro Tengco said the GGR last year reached P410.5 billion.

The amount was the second highest in Asia after Macau and also higher than the P328.8 billion recorded in 2023.

Tengco said of the total amount, revenues from integrated resorts accounted for 49 percent, electronic games or e-games (38 percent), offshore gaming operations (9 percent), and PAGCOR casinos (4 percent).

PAGCOR expects the gaming industry's GGR to further increase this year despite the absence of offshore gaming operations.

Tengco said the GGR this year is expected to reach P450 to P480 billion.

Tengco said the GGR for January alone has already reached close to P40 billion.

He said the share of integrated resorts (IRs) and e-games to the total GGR this year are projected to go up to 50 percent and 45 percent, respectively.

Revenues from PAGCOR casinos, meanwhile, will contribute 5 percent.

"I believe it [growth in GGR] will come from e-gaming and I believe the trend in January will continue," said Tengco.

"E-games we continue to attract that unregistered to register because of the rates that are now comparable to the license fees of online gaming jurisdictions around the world. We will continue to accept unregistered to register so that is where growth will come from, and as I said, the IRs are gaining momentum," he added.

Earlier this year, PAGCOR further reduced the fee for e-games from 35 percent to 30 percent.

Tengco earlier said the move aims to create a more favorable regulatory environment by encouraging unregistered online gaming operators to transition to the legal market.

PNA PHOTO