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Manila Bulletin devider Business devider Pagcor net income surges 42% in first quarter

Pagcor net income surges 42% in first quarter

Published Apr 28, 2024 02:49 am

The Philippine Amusement and Gaming Corp. (Pagcor) has reported a surge in its net income for the first quarter of year.

Alejandro H. Tengco, Pagcor chairman and chief executive officer, said the state-run firm's total earnings reached P25.24 billion from January to March, up 42 percent year-on-year.

Tengco said this has put Pagcor on track to achieve a P100 billion profit for the year, which would be a first in its 40-year history.

“We are happy to announce that Pagcor is able to sustain our growth trajectory in the first quarter of 2024 and this should help position us into achieving another record breaking year,” Tengco said.

Net operating income reached P18.99 billion in the first quarter, an increase of 54 percent compared to P12.32 billion in the same period in 2023.

The bulk of the revenue generated came from gaming operations, which accounted for P22.29 billion. 

Among these operations, e-games took the largest share, contributing 43.46 percent or P9.69 billion, followed by licensed casinos with Php8.04 billion (36.06 percent).

However, Pagcor-run casinos under the Casino Filipino brand posted a decline in revenues, earning only P.7 billion or 16.62 percentof the total for the first quarter of 2024. 

Tengco said the is a decrease compared to the 20.68 percent share it contributed to Pagcor’s revenues in 2023.

Meanwhile, offshore gaming operations contributed P860.89 million or 3.86 percent to the total gaming income in the first quarter.

“As we said earlier, the E-games sector will be our major source of gaming revenues this year and in the next few years as innovation and technological integration allows the sector to offer more excitement and convenience to gamers,” Tengco said.

“Our robust earnings also bode well for the government’s various socio-civic programs including funding for the Universal Healthcare Program which provides health insurance to millions of poor Filipinos through Philhealth,” he added.

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