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Soaring Revenues Driven by Electronic Gaming
Alejandro Tengco, the Chairman and CEO of the Philippine Amusement and Gaming Corporation (Pagcor), heralded the extraordinary ascent of electronic gaming. In the third quarter alone, online games accounted for a staggering 70% of the GGR, ballooning to PHP94.61 billion from PHP68.79 billion in the same period last year. Tengco attributed this surge to the “phenomenal increase of 464.38%” in electronic gaming activities, underscoring the pivotal role of modern technology and mobile devices in shaping the future of gaming.
The infusion of innovative platforms and the widespread adoption of mobile gadgets have catalysed this exponential growth. As gamers flock to digital arenas, the sector has witnessed an unprecedented influx of revenue, signalling a robust and dynamic market poised for continued expansion. This digital renaissance not only enhances revenue streams but also fortifies the Philippines’ position as a formidable player in the global gaming industry.
Temporary Spike? Regulatory Challenges Loom
Despite the impressive financial upturn, Morgan Stanley analysts caution that this boom might be fleeting. The rapid proliferation of online gaming operators has led Pagcor to impose stringent licensing and ancillary fees, potentially tempering future growth. In 2023 alone, over 1,000 iGaming sites secured licences, with numerous applications awaiting approval. Tengco acknowledged that policy adjustments, including reduced licensing rates, were instrumental in the recent spike but may also contribute to a saturation of the market.
As regulatory measures tighten, the sustainability of this revenue surge remains uncertain. The influx of new operators could lead to increased competition, potentially diluting the market share of established entities. Furthermore, the rising costs associated with licensing may deter smaller players, thereby reshaping the competitive landscape. Pagcor’s strategic balancing act between fostering growth and maintaining regulatory oversight will be crucial in determining the long-term viability of the industry’s current trajectory.
The Demise of POGOs and Pagcor’s New Horizons
The past year has been tumultuous for the Philippine gaming industry, marked by the crackdown on Philippine Offshore Gaming Operations (POGOs). Initially established in 2016 to serve international gamblers, particularly from China, POGOs have been dismantled following revelations of their involvement in illicit activities such as online scams, money laundering, and human trafficking. In July, President Ferdinand Marcos Jr. mandated the cessation of POGO operations by the end of the year, resulting in only a handful remaining as Pagcor intensifies enforcement efforts.
In tandem with these regulatory upheavals, Pagcor is embarking on a significant infrastructural upgrade. The regulatory body is set to inaugurate a sprawling 40,000sqm headquarters in Pasay City, strategically located near Manila’s Ninoy Aquino International Airport and the Entertainment City casino zone. This state-of-the-art facility, leased for 25 years from San Miguel Infrastructure (SMC), is envisioned as more than just office space. Tengco highlighted that the new premises embody Pagcor’s commitment to fostering a world-class work environment, reflecting its core values and aspirations for the future of the gaming industry.
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