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Manila Bulletin devider Business devider Pagcor reports revenue surge, yet falls below pre-pandemic levels

Pagcor reports revenue surge, yet falls below pre-pandemic levels

In 2023

Published Feb 2, 2024 02:15 am

At A Glance

  • The Philippine Amusement and Gaming Corp. (Pagcor) reported a strong double-digit revenue growth last year, driven by gaming operations, with total revenues reaching P79.37 billion, a 35% increase from the previous year.<br>Pagcor's gaming operations brought in P73.11 billion in 2023, while other sources contributed P6.26 billion, resulting in a net income of P6.81 billion, a 53.27% increase from the previous year.<br>The licensed casinos within the country's integrated resorts were the biggest revenue drivers, contributing P33.18 billion, followed by the surging E-Games sector with P21.66 billion, government-run casinos with P15.12 billion, and offshore gaming operations with P3.15 billion.<br>The increased earnings enabled Pagcor to increase its contribution to nation-building (CNB) by 43% to P34.67 billion, with the majority remitted to the Bureau of the Treasury.

State-owned Philippine Amusement and Gaming Corp. (Pagcor) reported a strong double-digit revenue growth last year, but it fell short of pre-pandemic levels.

In a statement, the government's gaming regulator and operator said that the company generated P79.37 billion in revenues from January to December 2023, a 35 percent increase compared to the P58.96 billion recorded in the previous year. 

Nevertheless, Pagcor's full-year tally still fell below the P81.97 billion income in 2019, which was before the Covid-19 health crisis.

Alejandro H. Tengco, Pagcor chairman and chief executive officer, said he is optimistic about the state-run firm's continued growth in the upcoming years, following the gaming industry's complete recovery from the pandemic's impact.

Earlier, Tengco said that the gross gaming revenues of the Philippine gaming industry reached a record P285.27 billion last year, surpassing pre-pandemic levels.

“Our robust revenue generation in 2023 allowed us to remit more funds to the government to finance various services, including funding for the Universal Health Care program, also known as Philhealth [Philippine Health Insurance Corp.],” Tengco said.

In 2023, gaming operations continued to serve as Pagcor's main revenue stream, yielding P73.11 billion, while other sources, including services, business income, gains, and non-operating income, contributed P6.26 billion.

The largest contributors to Pagcor's gaming revenues were the licensed casinos located within the integrated resorts in the country, which accounted for P33.18 billion or 45.38 percent of the total gaming income.

Following closely was the E-Games sector, which includes e-bingos, e-games, specialty games, and sports betting, generating P21.66 billion or 29.62 percent of the gaming income. 

Government-operated casinos also played a significant role, contributing P15.12 billion or 20.68 percent.

Pagcor's total gaming revenues were further supplemented by offshore gaming operations, which brought in P3.15 billion or 4.31 percent of the overall gaming income.

The net income stood at P6.81 billion, a 53 percent jump from the Pagcor's P4.44 billion profit in 2022.

Tengco said that the increased earnings allowed the state gaming firm to raise its contribution to nation-building (CNB) by 43 percent to P34.67 billion.

The majority of Pagcor's CNB, amounting to P34.72 billion, has been remitted to the Bureau of the Treasury. Half of this sum, equating to P17.36 billion, will be allocated to PhilHealth to provide free health care coverage for millions of underprivileged Filipinos.

Additionally, Pagcor remitted P3.65 billion to the Bureau of Internal Revenue as a five percent franchise tax, and another P285.20 million for the agency's corporate income tax.

Pagcor's earnings also benefited other recipients, including the Philippine Sports Commission (P1.73 billion), while a separate P92.58 million was allocated to athletes and coaches who achieved victory in international competitions, as mandated by the Sports Incentives and Benefits Act.

Moreover, PAGCOR will remit P3.06 billion in cash dividends to the Treasury, and local government units hosting Casino Filipino branches collectively will receive P451.72 million.

Furthermore, the Board of Claims under the Department of Justice will receive P63.12 million to compensate individuals who have been wrongfully imprisoned.

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Pagcor chair and CEO alejandro tengco Pagcor Philippine Amusement and Gaming Corp.
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