The Philippine Amusement and Gaming Corp (PAGCOR) reported total expenses of nearly PHP15.64 billion (US$266.7 million) for Q2 2024. This marks a 26.8 percent increase from the same period in 2023, based on a financial report posted Monday on PAGCOR’s official website.
Personnel services led the spending. Costs reached PHP9.28 billion in the quarter, showing a 28.1 percent jump compared to the previous year. Moreover, maintenance and other operating expenses surged by 52.5 percent year-on-year, totaling PHP5.39 billion.
Despite the rising costs, PAGCOR’s revenue growth more than offset the increase in expenses. The agency posted gross revenues of PHP51.76 billion during Q2 2024, representing a 42.9 percent increase from 2023. In turn, PAGCOR recorded a net income of just under PHP6.57 billion for the quarter. That figure reflects a 121.5 percent rise year-on-year.
Gaming operations remained the primary revenue driver. These activities generated PHP45.39 billion in gross income. Of that, electronically-delivered gaming sectors such as e-Bingo, e-Games, and bingo grantees contributed PHP20.66 billion. That accounts for 45.5 percent of total gaming revenues.
Meanwhile, licensed commercial-sector casinos produced PHP16.06 billion. This figure makes up around 35.4 percent of PAGCOR’s total Q2 2024 revenues.
Earlier this month, PAGCOR also revealed updated industry-wide data. The Philippine gaming sector—including non-casino operations—generated gross gaming revenue (GGR) of just over PHP194.74 billion as of June 30. That total marks a 19.21 percent year-on-year increase.
However, not all news pointed upward. On July 22, Philippine President Ferdinand Marcos Jr. announced that all Philippine Offshore Gaming Operators (POGOs), now reclassified as Internet Gaming Licensees (IGLs), must cease operations by year-end.
In response, PAGCOR clarified that the ban on offshore operators would only have a minimal effect on the overall industry. The regulator emphasized that IGLs account for less than 5 percent of aggregate GGR.
PAGCOR continues to assure the public that the POGO exit will not disrupt industry momentum. Local online gaming continues to expand steadily. Consequently, this growth now plays a larger role in supporting the sector’s ongoing strength.
