The Philippine Amusement and Gaming Corporation (PAGCOR) has announced a 42 percent YoY increase in its income for the first quarter of 2024, reaching PHP25.24 billion ($437.9 million).
According to PAGCOR Chairman and CEO Alejandro H. Tengco, this performance places the state gaming firm on course to achieve an annual income of PHP100 billion ($1.73 billion) for the year, a figure that would represent a historic milestone in the organization’s 40-year history.
“We are pleased to report that PAGCOR has maintained its growth trajectory in the first quarter of 2024, positioning us for another record-breaking year,” stated Mr. Tengco.
The net operating income after expenses for the quarter stands at PHP18.99 billion ($329.4 million), representing a substantial increase of 54.22 percent compared to the figures from January to March 2023.
Gaming operations remain the primary revenue driver for PAGCOR, accounting for PHP22.29 billion ($386.7 million) in 1Q24 revenues. Within this segment, the E-Games sector contributed PHP9.69 billion ($168.1 million), while licensed casinos brought in PHP8.04 billion ($139.4 million).
Revenues from PAGCOR-operated casinos under the Casino Filipino brand saw a decline, generating PHP3.7 billion ($64.1 million) in the first quarter. This is a decrease from its contribution to revenues in 2023. Offshore gaming operations contributed PHP860.89 million ($14.9 million) to the total gaming income for the first three months of the year.
Chairman Tengco emphasized the importance of the E-Games sector in driving gaming revenues, noting that technological advancements will continue to enhance the sector’s appeal to gamers. The robust earnings also have positive implications for the government’s socio-civic programs, including funding for the Universal Healthcare Program, which provides health insurance to millions of underprivileged Filipinos through PhilHealth.
Of the nearly PHP19 billion ($329.6 million) net income for the first quarter of 2024, PHP15.56 billion ($269.9 million) will be allocated to Contributions to Nation-Building. This includes various taxes, shares for local government units, socio-civic projects, and funding for sports initiatives.
