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Manila Bulletin devider Business devider Pagcor rides strong gaming wave, revenue rises 42%

Pagcor rides strong gaming wave, revenue rises 42%

Published Oct 29, 2024 06:15 am

State-run Philippine Amusement and Gaming Corporation (PAGCOR) has reported a surge in revenue for the first nine months, driven by solid performances in electronic gaming and brick-and-mortar casinos.

In a statement on Tuesday, Oct. 29, the government’s gaming regulator and operator, said Pagcor’s earnings reached P79.43 billion from January to September, a 42 percent increase compared to P55.95 in the same period last year.

Alejandro H. Tengco, Pagcor chairman and chief executive officer attributed the favorable performance to the robust electronic games sector and the continued growth of the country's licensed casinos and integrated resorts.

“The electronic games sector alone contributed P28.22 billion or 35.52 percent to the gaming revenue pie, followed by the licensed casino sector which chipped in 30.84 percent or P24.50 billion from licensee fees,” he said.

The state gaming agency's net income for the period also doubled to P9.63 billion. 

Despite the government's decision to ban offshore gaming operations, Pagco said it remains optimistic about achieving its P100 billion revenue target for the year.

Pagcor increased revenue has directly translated to higher contributions to nation-building. 

The agency remitted P33.19 billion to the Bureau of the Treasury, half of which was allocated to the Philippine Health Insurance Corp. to fund the Universal Healthcare Law.

Other beneficiaries of Pagcor’s contributions include the Philippine Sports Commission, the Bureau of Internal Revenue, and various socio-civic projects under the Office of the President.

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Philippine Amusement and Gaming Corp.
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