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P81 billion in revenues expected from Pagcor casinos

Business

P81 billion in revenues expected from Pagcor casinos

By Chino S. Leyco

The Philippine Amusement and Gaming Corp. (Pagcor) expects an increase in revenue from government-run casinos this year despite ongoing privatization initiatives.

In a statement on Thursday, March 21, the gaming regulator and operator stated that Pagcor-operated casinos are expected to yield P81.27 billion in gaming revenues for the year.

This forecast reflects a 2.4 percent growth compared to the actual Pagcor casino revenues of P79.37 billion in 2023.

Pagcor’s full-year reveneue forecast comes amid earlier announcement that the privatization of state-run casinos is slated for completion within the next two years.

Alejandro H. Tengco, Pagcor's chairman and chief executive officer, had said that the company is transitioning to operate solely as a regulatory entity, moving away from its current dual function as both operator and regulator.

Tengco said the privatization process may be completed by 2025 with the aim of “level the playing field and ensure future growth and viability for all gaming industry players.”

The revenue generated from Pagcor-owned casinos is expected to contribute to achieving the projected gross gaming revenues (GGR) of P336.38 billion for the Philippine gaming sector in 2024.

This target represents an 18 percent increase over the actual 2023 GGR of P285.27 billion.

Furthermore, Pagcor expects closing 2024 with a net income of P5.26 billion.

Related Tags

Pagcor chair and CEO Alejandro H. Tengco Philippine Amusement and Gaming Corp.

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