PAGCOR’s Revenue Soars in 1H 2024, Thanks to E-Games and E-Bingo Boom

The Philippine Amusement and Gaming Corporation (PAGCOR) has announced a significant increase in its net income for the first half of 2024, reaching Php6.56 billion. Notably, 45.53% of PAGCOR’s 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). This figure marks a remarkable 121.48% rise from the Php2.96 billion net income reported during the same period last year.

The broader Philippine gaming industry also experienced substantial growth, with total gross gaming revenue (GGR) increasing by 19.21% to Php194.743 billion, up from Php163.36 billion in the first semester of 2023.

PAGCOR Chairman and CEO Alejandro Tengco attributed the robust income growth to the positive impact of reforms and enhanced regulations implemented under the new administration. “PAGCOR’s robust net income growth translates, of course, to a larger Contribution to Nation-Building,” Tengco stated in the PAGCOR update released on Sunday, July 14. The organization remitted Php31.82 billion to the Treasury in the first six months of 2024, compared to Php22.62 billion during the same period last year.

Driving this income growth was a substantial increase in PAGCOR’s gross revenues, which totaled Php51.76 billion, a 42.92% jump from the Php36.21 billion reported for January-June 2023. Gaming operations were the primary revenue source, contributing Php45.39 billion.

Integrated resorts or licensed casinos added Php16.06 billion, representing a 35.39% share, while PAGCOR-operated casinos under the Casino Filipino brand contributed Php6.93 billion, accounting for a 15.27% share of gaming revenue.

In terms of GGR, licensed casinos were the top contributors in the first half, generating Php99.16 billion. The E-Games sector emerged as a standout performer, with revenues soaring to Php63.01 billion, more than tripling the Php20.43 billion recorded in the first half of 2023, highlighting the sector’s exceptional domestic-driven performance.

Conversely, PAGCOR-operated casinos saw a decline, posting a GGR of Php8.89 billion, down 11.60% from their Php10.06 billion share in the first half of 2023.

Tengco expressed confidence in PAGCOR’s trajectory, noting that the Php51.76 billion in first-half revenues positions the organization to potentially exceed the Php100 billion annual gross revenue threshold this year.

PAGCOR remains focused on leveraging the booming online gaming sector and welcoming new investments this 2024. “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,” said the agency head.

Source: https://www.pagcor.ph/press-releases/pagcor-net-income-more-than-doubles-in-1st-half-to-php6.56B.php