The Philippine Amusement and Gaming Corporation (PAGCOR) has reported a substantial increase in its net income for the first half of 2024, reaching PHP6.56 billion ($112.34 million).
This figure marks a 121.48 percent rise compared to the PHP2.96 billion ($50.68 million) net income recorded during the same period last year for the Philippines operator.
In parallel, the total gross gaming revenue (GGR) of the Philippine gaming industry saw a 19.21 percent uptick, climbing to PHP194.743 billion ($3.3 billion) from PHP163.36 billion ($2.79 billion) in the first semester of 2023.
PAGCOR Chairman and CEO Alejandro Tengco attributed the state gaming firm’s robust income growth to the positive impact of reforms and enhanced regulations under the new administration.
“PAGCOR’s robust net income growth translates of course to a larger Contribution to Nation-Building,” Tengco stated. “We were able to remit PHP31.82 billion ($544.8 million) in CNB to the Treasury in the first six months compared to PHP22.62 billion ($387.2 million) in the same period last year.”
The driving force behind PAGCOR’s income surge was a significant increase in gross revenues, totaling PHP51.76 billion ($886.17 million)—a 42.92 percent rise from PHP36.21 billion ($619.93 million) in the January-June 2023 period.
Gaming operations were the primary revenue contributors, generating PHP45.39 billion ($777.1 million).
A notable 45.53 percent of gaming revenues came from the online gaming sector, which includes E-Games, E-Bingo, and bingo grantees, collectively bringing in PHP20.66 billion ($353.79 million).
Licensed casinos, including integrated resorts, contributed PHP16.06 billion ($274.99 million), accounting for 35.439 percent of gaming revenues, while PAGCOR-operated casinos under the Casino Filipino brand generated PHP6.93 billion ($118.64 million), representing a 15.27 percent share.
Tengco expressed confidence in PAGCOR’s financial trajectory, noting that the PHP51.76 billion ($886.17 million) first-half revenues position the corporation to potentially reach or exceed the PHP100 billion ($1.712 billion) annual gross revenue mark this year.
“Given the phenomenal revenue increase in the E-Games sector, and with more players and investors signifying their intent to enter the Philippine market, we are confident that the year 2024 will be truly a banner year for PAGCOR,” he added.
In terms of GGR, licensed casinos were the largest contributors in the first half, generating PHP99.16 billion ($1.698 billion).
The E-Games sector experienced the most remarkable growth, with revenues reaching PHP63.01 billion ($1.079 billion)—more than triple the PHP20.43 billion ($349.83 million) recorded in the first half of 2023. This underscores the sector’s unprecedented performance, driven primarily by domestic demand.
Conversely, PAGCOR-operated casinos continued their decline, posting a GGR of PHP8.89 billion ($152.18 million), down 11.60 percent from PHP10.06 billion ($172.30 million) in the same period last year.
