The state-run Philippine Amusement and Gaming Corp (Pagcor) reported net income of just above PHP9.63 billion (US$165.6 million) for the first nine months of 2024, up 98.1 percent from the prior-year period.
Total revenue for the nine months to September 30 rose by 42.0 percent year-on-year to PHP79.43 billion. For the third quarter alone, total revenue was PHP27.67 billion.
Income from gaming operations stood at PHP69.88 billion in the first nine months this year, a 35.3-percent increase from a year earlier. In the third quarter, income from gaming operations reached PHP24.49 billion.
Alejandro Tengco, chairman and chief executive of Pagcor, said in a Tuesday press release that the agency’s results were driven by a “robust” electronic games sector, followed by the country’s licensed casinos and integrated resorts.
“The electronic games sector alone contributed PHP28.22 billion, or 35.52 percent, to the gaming revenue pie, followed by the licensed casino sector which chipped in 30.84 percent, or PHP24.50 billion, from licensee fees,” he was cited as saying
Mr Tengco added: “Our third quarter performance is a strong indication that in spite of the President’s decision to ban offshore gaming operations in the country, we are still on track to meet our PHP100 billion revenue target by year-end.”
In its latest report, Pagcor said that total operating expenses for the first nine months of 2024 grew by 29.5 percent year-on-year to PHP24.41 billion.
The state-run company, an operator of publicly-owned casinos as well as the regulator for the country’s entire casino industry, contributed a total of PHP44.97 billion to state funds in the first three quarters of the year.
Pagcor is required by law to pass at least 50 percent of its annual gross earnings to the government’s treasury bureau.
Pagcor expects the nation’s gaming industry to generate PHP336.38 billion in gross gaming revenue (GGR) this year, a 17.9-percent increase compared with 2023.
The Philippine gaming sector – including non-casino operations – produced GGR of just above PHP194.74 billion in the first half of 2024, up 19.21 percent from the prior-year period, according to official data.
(Updated at 1.57pm, Oct 29)
