PAGCOR Doubles Net Income in First Half of 2024

The Philippine Amusement and Gaming Corp. (PAGCOR) reported a significant increase in net income for the first half of 2024, driven by strong growth in gross revenues. According to an emailed statement, PAGCOR’s net income surged 121.48% to P6.56 billion from P2.96 billion in the same period in 2023.

Revenue Breakdown

• Gross Gaming Revenue (GGR): Increased by 19.21% to P194.743 billion.
• Total Gross Revenues: Rose 42.92% to P51.76 billion.
• Gaming Operations Revenue: P45.39 billion, with 45.53% (P20.66 billion) from the online gaming sector, including E-Games, E-Bingo, and bingo grantees.
• Integrated Resorts/Licensed Casinos: Contributed P16.06 billion (35.43%).
• PAGCOR-operated Casinos (Casino Filipino): Generated P6.93 billion (15.27%).

Outlook and Plans

PAGCOR Chairman and CEO Alejandro Tengco expressed optimism, highlighting the exceptional revenue growth in the E-Games sector and increasing interest from players and investors in the Philippine market. Tengco anticipates 2024 to be a landmark year for PAGCOR.

Contributions and Future Goals

• Contribution to Nation-Building (CNB): PAGCOR contributed P31.82 billion to the Bureau of the Treasury, up from P22.62 billion the previous year.
• Privatization Plans: PAGCOR plans to privatize its self-operated casinos and focus solely on regulatory functions. The agency aims to raise P60 billion to P80 billion through this initiative and expects to divest from casino operations within the next five years, during which it also plans to open one integrated resort annually.

PAGCOR’s mandate includes regulating the gaming industry, generating revenue for government socio-civic and national development programs, and promoting tourism.