Philippine Gaming Grows as PAGCOR Announces Revenue Record

The Philippine Amusement and Gaming Corporation (PAGCOR) published its report for 2024, revealing a new all-time high revenue and income figures. Chair & CEO Alejandro Tengco praised the metrics, saying that the corporation is pleased with this stellar progress.

The PAGCOR Exceeded the PHP 100B Mark

According to the PAGCOR’s report, its annual revenues for 2024 hit an all-time high of PHP 112 billion ($1.92 billion) This figure marks a staggering 41% increase year-on-year and was largely attributed to the growth of the country’s online gaming sector.

Gaming operations and license fees were cited as the primary revenue sources, contributing PHP 97.52 billion ($1.67 billion) of the total figure. Additional revenue streams, such as business income and service fees added another PHP 14.18 billion ($240 million).

Licensed casino gaming was responsible for PHP 33.07 billion ($570 million), or a third of the PAGCOR’s revenue. Casino Filipino venues, on the other hand, contributed PHP 12.67 billion ($220 million), or 12.99%. Online gaming, on the other hand, was responsible for PHP 68.20 billion ($1.17 billion) of the revenue, comprising 37.61% of the total revenue figure.

While the agency discontinued Philippine Offshore Gaming Operations (POGOs) in December, they still reported PHP 2.99 billion ($51 million) in revenue.

In the meantime, net operating income stood at PHP 84.97 billion ($1.45 billion), up 51% year-on-year. Deducing its PHP 68.21 billion ($1.17 billion) contributions to nation building gave the PAGCOR a final net income figure of PHP 16.77 ($290 million). This figure represents an almost double increase from 2023 when the body reported PHP 6.81 billion in net income.

The figures show that the Philippines has not only recovered from the effects of the COVID-19 pandemic but also exceeded its pre-COVID financials.

The Agency’s Contributions Increased

CEO Tengco commented on the record-breaking financial performance, thanking everyone who made these spectacular results possible. He lauded the rapid growth of the online sector, which was largely responsible for the stellar report.

The continuous growth of the E-Games sector is the key driver of PAGCOR’s record-breaking performance. It reflects the increasing popularity of digital gaming platforms and the transformative impact of technology on the industry.

As PAGCOR’s revenues increased, so did the agency’s contributions to nation building. The PHP 68.2 billion the PAGCOR gave to the government would support a variety of programs and initiatives. For reference, PHP 46.32 billion ($790 million) was sent to the National Treasury. In the meantime, PHP 4.87 billion ($83 million) was paid in franchise taxes while PHP 1.09 billion ($19 million) was paid in corporate income taxes.

The PAGCOR also submitted PHP 2.31 billion ($40 million) to the Philippine Sports Commission and allocated PHP 91.88 million ($1.57 million) as cash incentives for successful athletes and trainers. In addition to that, the agency gave PHP 12.37 billion ($210 million) to presidential socio-civic programs.

Cities hosting Casino Filipino properties, the Board of Claims under the Department of Justice, and the Renewable Energy Trust Fund received funding of PHP 698.6 million ($11.96 million), PHP 178.8 million ($3.06 million), and PHP 248.01 million ($4.24 million), respectively.