The Philippine Amusement and Gaming Corporation (PAGCOR) reported a massive 98.1% increase in net income for the first nine months of 2024. The government-owned gaming regulator and operator earned PHP9.63 billion (around US$165.6 million), nearly doubling its earnings from the same period in 2023.
From January to September, PAGCOR’s total revenue climbed by 42% year-on-year. The agency generated PHP79.43 billion in total income, showcasing consistent quarterly growth. In the third quarter alone, PAGCOR recorded PHP27.67 billion in revenue.
Gaming operations contributed heavily to this upswing. PAGCOR collected PHP69.88 billion from gaming activities during the first nine months. This figure marked a 35.3% jump compared to the same period last year. In Q3 alone, gaming income reached PHP24.49 billion, reflecting sustained player activity and regulatory strength.
In a press release issued Tuesday, PAGCOR Chairman and CEO Alejandro Tengco credited the strong results to multiple high-performing segments. Tengco emphasized that electronic games, in particular, drove growth while licensed casinos and integrated resorts significantly boosted revenue as well.
According to Tengco, electronic games generated PHP28.22 billion. That amount represented 35.52% of PAGCOR’s total gaming revenue. Meanwhile, licensed casinos brought in PHP24.50 billion, accounting for 30.84% of total gaming earnings.
“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 said. His statement highlights the industry’s resilience despite policy shifts.
PAGCOR also reported a 29.5% increase in operating expenses. The agency spent PHP24.41 billion from January through September, reflecting both expansion and rising regulatory costs.
As a dual-role agency—regulator of private casinos and operator of publicly owned gaming establishments—PAGCOR continued to meet its fiscal obligations. During the first three quarters of 2024, it contributed PHP44.97 billion to the national treasury. Under existing law, PAGCOR must remit at least 50% of its annual gross revenue to the government.
Looking ahead, PAGCOR remains optimistic about the industry’s trajectory. The agency projected that the Philippine gaming market will generate a gross gaming revenue (GGR) of PHP336.38 billion in 2024. This outlook suggests a 17.9% growth over 2023.
During the first half of 2024, the overall gaming sector—including both casino and non-casino operations—recorded PHP194.74 billion in GGR. That figure represented a 19.21% increase compared to the same period last year.
With momentum building across both land-based and electronic platforms, PAGCOR appears positioned to lead the country’s gaming sector into another record-setting year.
