In the first quarter of 2024, the Philippine Amusement and Gaming Corp (PAGCOR) reported total income of PHP25.24 billion. This figure reflects a 42.6 percent increase compared to the same period last year. Moreover, PAGCOR’s first-quarter income rose by 29.5 percent compared to the previous quarterly record, according to a Sunday press release. The previous record of PHP19.49 billion was set in the first quarter of 2019.
PAGCOR chairman and CEO Alejandro Tengco confidently declared that the agency’s first-quarter earnings put it on track to hit a historic milestone. He said PAGCOR aims to reach PHP100 billion in annual income for 2024. Furthermore, Tengco expressed optimism. He added that this achievement would mark a first in the state gaming firm’s 40-year history.
“We are happy to announce that PAGCOR sustained our growth trajectory in the first quarter of 2024,” Tengco stated. He continued by saying, “This progress will position us to achieve another record-breaking year.”
The gaming regulator recorded a net operating income after expenses of PHP18.99 billion in the first three months of the year. This amount represents a 54.2 percent increase from the previous year.
Gaming operations drove most of the agency’s first-quarter revenues. These totaled PHP22.29 billion. Specifically, electronically delivered gaming sectors such as e-Bingo, e-Games, and bingo grantees generated nearly 43.5 percent of this amount. This equals PHP9.69 billion, PAGCOR reported.
Licensed commercial-sector casinos in the country contributed PHP8.04 billion. This represents approximately 36.1 percent of first-quarter revenues.
However, PAGCOR’s publicly owned Casino Filipino chain saw its revenues decline to PHP3.7 billion. This figure accounts for 16.6 percent of the first-quarter total. The share dropped from nearly 20.7 percent in the first quarter of 2023. Meanwhile, offshore gaming operations added just under PHP860.9 million, or 3.9 percent, of the quarterly revenues.
Tengco emphasized that the country’s e-Games sector will serve as the agency’s primary source of gaming revenues this year and beyond. He noted that innovation and technological integration enhance excitement and convenience for gamers.
Furthermore, Tengco highlighted the positive impact of PAGCOR’s robust earnings on the government’s socio-civic programs. He stated, “Our strong earnings also bode well for the government’s various socio-civic programs.”
Of the agency’s first-quarter net income, PAGCOR will allocate just under PHP15.6 billion to nation-building programs. These include subsidies, financial assistance, and other government contributions. By law, PAGCOR must remit at least 50 percent of its gross earnings to the national government.
In March, PAGCOR announced that it remitted nearly PHP4.60 billion in cash dividends to the Bureau of the Treasury. This amount represented 75 percent of PAGCOR’s net income for the 2023 calendar year. Although part of the cash constituted an advance, the agency said.
Looking ahead, PAGCOR expects the nation’s gaming industry to generate PHP336.38 billion in gross gaming revenues this year. This forecast marks a 17.9 percent increase compared with 2023.
