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This paper examines the influence of personal and game factors on gamers' perceived values, drawing from the Theory of Consumption Value (TCV), explores the impacts of values on the Pokémon Go (PG) adoption, and identifies differences between two consumer groups. A sample of 474 (215 PG non-players and 259 PG players) was collected and analysed. Game aesthetics increase all perceived values of both groups. Game aesthetics and innovativeness have no direct impact on gamers' intention to play. Emotional value and functional value are crucial for their behavioural intention. Social value is important for non-players, while conditional value influences players' intentions. This study contributes to the expansion of the TCV in mobile location-based AR game adoption and reveals the insights of players' and non-players’ value perceptions. It is one of the first studies investigating the TCV factors, antecedents, and consequence in the mobile AR game literature.