State-owned Philippine Amusement and Gaming Corp. (PAGCOR) targets to launch its own internet gaming platform in the latter part of the year in a move to be at pace with the fast-growing revenue source.
PAGCOR chairman and chief executive officer Alejandro H. Tengco said CasinoFilipino.com should be up and operational later this year. PAGCOR as industry regulator only issues internet gaming licenses. Tengco refused to disclose Pagcor’s projected earnings from its internet-based gaming platform.
PAGCOR-operated casinos under the Casino Filipino brand contributed P19.62 billion of the aggregate gaming revenue of P285.27 billion during the periods.
“If you look at our revenue generated from e-gaming, I believe it will also be a substantial amount,” Tengco said.
The electronic games sector posted P58.16 billion in revenue just last year.
“The plus factor of Casino Filipino is the brand. It is a very good name. Casino Filipino dot com, Asia’s friendliest,” he said.
Tengco said internet-based gaming is now a worldwide trend.
“I’m not talking of the Philippines alone. The worldwide trend is very clear. The trend is now there is a shift from traditional land-based casinos to online gaming,” he said, adding that with the internet gaming platform, PAGCOR can widen its reach.
“We’re not talking of the Philippine market alone. We’re talking of the world.”
Tengco said this was why even giant gaming companies overseas spend hundreds of millions of dollars to acquire or develop their own internet gaming platforms.
PAGCOR projects e-Games and new integrated resorts to boost revenue to P336.38 billion this year even as it reported record-high gross gaming revenue of P285.27 billion in 2023.E-casinos, e-bingo, sports betting and specialty games that together make up the E-Games sector are projected to contribute P61.75 billion in 2024, and should be the fastest growing sector in the next few years, Tengco said.
“We are really excited with the phenomenal growth of E-Games in the Philippines and this is where PAGCOR will be betting,” he added.
