Philippine Gaming Regulator PAGCOR Hits Record-Breaking Quarterly Revenue

For the first quarter that concluded on March 31, 2024, the Philippine Amusement and Gaming Corporation (PAGCOR) reported a record gaming income of Php25.24 billion (US$437 million).

With this astounding sum, which represents a remarkable 42.6% year-over-year gain and a 17.4% increase over the previous quarter, PAGCOR is expected to surpass Php100 billion (US$1.7 billion) in gaming income annually.

Alejandro Tengco, chairman and CEO, expressed satisfaction with the agency’s ongoing growth trajectory and forecasted another year of record-breaking success.

Interestingly, the first quarter’s results showed a variety of revenue streams: licensed casinos contributed Php8.04 billion (US$139 million), PAGCOR-operated casinos under the Casino Filipino brand contributed Php3.7 billion (US$64 million), and the growing E-Games sector—which included eBingo, eGames, and Bingo grantees—generated Php9.69 billion (US$168 million).

Even though offshore gaming brought in Php860.89 million (US$14.9 million), or just 3.9% of total gaming revenue, Tengco emphasized the vital importance of the E-Games sector as the main source of revenue, driven by ongoing innovation and technological integration.

Tengco highlighted contributions to various socio-civic projects, including vital funding for the Universal Healthcare Program, which offers health insurance coverage to millions of underprivileged Filipinos through PhilHealth, in order to highlight the wider societal impact of PAGCOR’s strong profitability.

With Php15.56 billion (US$270 million) put aside for Contributions to Nation-Building, PAGCOR reported a net operating income of Php19.0 billion (US$329 million) after expenses in the first quarter.

The Philippine Sports Commission, the Sports Incentives and Benefits Act, the 5% franchise tax, the 50% government share, support for local government units hosting PAGCOR casinos, and a 1% share for the Board of Claims to correct wrongful convictions are all required contributions included in this allocation.

The remarkable performance of PAGCOR in the first quarter underscores not only its pivotal function in propelling economic expansion but also its dedication to enhancing public welfare and national development via conscientious financial stewardship and appropriate gaming practices.

Original Story by: Inside Asian Gaming