PAGCOR: NET INCOME MORE THAN DOUBLES IN 1 ST HALF TO PHP6.56-B

The Philippine Amusement and Gaming Corporation (PAGCOR) today announced that its net income for the first half of 2024 has reached Php6.56 billion, up by 121.48% from its net income of Php2.96 billion in the same period last year.

Total Philippine gaming industry gross gaming revenue or GGR on the other hand grew 19.21% to Php194.743 billion from the Php163.36 billion GGR in the first semester of 2023.

PAGCOR Chairman and CEO Alejandro Tengco said the robust income growth of the state gaming firm is a testament to the positive result of the reforms and enhanced regulations being implemented under the new administration.

“PAGCOR’s robust net income growth translates, of course, to a larger Contribution to Nation-Building,” he said. “We were able to remit Php31.82 billion in CNB to the Treasury in the first six months compared to Php22.62 billion in the same period last year.”

Driving PAGCOR’s income growth is the robust increase in its gross revenues totaling Php51.76 billion, up 42.92% from Php36.21 billion for the January-June 2023 period.

Gaming operations contributed the bulk of revenues at Php45.39 billion.

Nearly half of the gaming revenues or 45.53% came from the online gaming sector–comprised of E-Games, E-Bingo and bingo grantees – which brought in a total of Php20.66 billion.

Integrated resorts or licensed casinos chipped in Php16.06 billion to PAGCOR’s gaming revenues for a 35.439% share while PAGCOR-operated casinos under the Casino Filipino brand generated Php6.93 billion for a 15.27% gaming revenue contribution.

Mr. Tengco said the Php51.76 billion first half revenues put PAGCOR on track to reach or even breach the Php100 billion annual gross revenue threshold this year.

“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,” he said.

In terms of GGR, Mr. Tengco said licensed casinos are still the biggest contributors during the first half, generating Php99.16 billion.

The most phenomenal GGR driver in the first semester is the E-Games sector with its Php63.01 billion revenues, more than triple the January-June 2023 figure of Php20.43 billion, underscoring the sector’s unprecedented performance which is domestic-driven.

PAGCOR-operated casinos on the other hand continued its decline, posting Php8.89 billion in GGR which is down 11.60% from its 2023 1st half GGR share of Php10.06 billion.