PH gaming industry’s gross gaming revenues down in Q3

Detailed summary

MANILA – Gross gaming revenues (GGR) of the Philippine gaming industry declined in the third quarter of the year amid a slowdown in the electronic gaming ind...

Gross gaming revenues (GGR) of the Philippine gaming industry declined in the third quarter of the year amid a slowdown in the electronic gaming industry.

MANILA – Gross gaming revenues (GGR) of the Philippine gaming industry declined in the third quarter of the year amid a slowdown in the electronic gaming industry.

In a statement Friday, the Philippine Amusement and Gaming Corporation (PAGCOR) said the GGR declined by 11.41 percent to PHP83.72 billion from PHP94.51 billion in the same period last year.

PAGCOR Chairperson and CEO Alejandro Tengco said weaker electronic gaming revenues continued to weigh on overall industry performance in the third quarter.

GGR from electronic gaming, which includes e-bingo, e-games, and bingo grantees, fell 22 percent to PHP35.28 billion.

Tengco said inflationary pressures and geopolitical uncertainties continued to affect consumer spending, particularly on discretionary activities.

"These conditions have affected spending on discretionary activities, including gaming, and contributed to the weaker performance of certain segments,” Tengco said.

GGR from licensed casinos also recorded a slight decline of 0.40 percent to PHP45.38 billion.

Meanwhile, PAGCOR-operated casinos generated PHP3.03 billion, down by 4.81 percent from the PHP3.18 billion a year earlier.

Opening of the article, excerpted from Philippine News Agency. To read the rest, open the article on the publisher's site.