The Philippine Amusement and Gaming Corporation (PAGCOR), a government-owned entity overseeing the country’s gaming sector, reported a notable 98.1% increase in net income, reaching PHP9.63 billion (approximately US$165.6 million) for the first nine months of 2024 compared to the same period last year.
From January to September, PAGCOR’s total revenue grew by 42% year-on-year, totaling PHP79.43 billion. For the third quarter alone, revenue amounted to PHP27.67 billion.
Revenue from gaming activities reached PHP69.88 billion in the first nine months, marking a 35.3% increase from the previous year. Third-quarter gaming income alone came in at PHP24.49 billion.
In a press release on Tuesday, PAGCOR Chairman and CEO Alejandro Tengco attributed these results to a thriving electronic games segment, along with significant contributions from licensed casinos and integrated resorts.
Tengco highlighted that electronic games contributed PHP28.22 billion, or 35.52% of the total gaming revenue, while licensed casinos brought in PHP24.50 billion, accounting for 30.84% of the revenue.
“Our strong performance in the third quarter shows that, despite the President’s recent ban on offshore gaming operations, we remain on track to meet our PHP100 billion revenue target by year-end,” Tengco remarked.
PAGCOR’s recent report also noted a 29.5% increase in operating expenses, totaling PHP24.41 billion for the first nine months of 2024.
As both an operator of publicly owned casinos and regulator of the Philippine casino industry, PAGCOR contributed PHP44.97 billion to the state treasury during the year’s first three quarters. Under legal requirements, PAGCOR must allocate at least 50% of its annual gross revenue to the national treasury.
Looking ahead, PAGCOR anticipates that the gaming industry in the Philippines will generate a gross gaming revenue (GGR) of PHP336.38 billion in 2024, reflecting a projected 17.9% growth over 2023.
For the first half of 2024, the Philippine gaming sector, which includes both casino and non-casino operations, recorded a GGR of PHP194.74 billion, an increase of 19.21% compared to the previous year.