The state-run Philippine Amusement and Gaming Corp (Pagcor) reported revenue of PHP111.71 billion (US$1.91 billion) for full-year 2024, up circa 40.7 percent year-on-year from the PHP79.38 billion recorded in 2023. The increase was due to the “robust performance of the electronic games sector,” said the agency in a Thursday announcement.
The release cited Pagcor chairman and chief executive Alejandro Tengco (pictured, file photo) as saying: “We are proud to announce that our 2024 financial performance is the best so far in the history of Pagcor, and we thank our employees and stakeholders for making such achievement possible”.
Prior to 2024, the highest gross operating revenue on record for Pagcor was in the pre-pandemic trading year of 2019, when the agency reported revenue of PHP81.98 billion, according to the regulator.
Net operating income for 2024 stood at PHP80.10 billion, 51.9-percent higher than in the previous year.
Net income for the period – after deducting PHP68.21 billion in contributions to nation-building efforts – was at nearly PHP16.77 billion, up 146.0 percent year-on-year, showed the data.
The state-run company, an operator of publicly-owned casinos as well as the regulator for the country’s entire casino industry, said gaming operations and licence fees “remained the primary revenue sources,” contributing nearly PHP97.53 billion in 2024.
Other revenue streams – including business income and service fees – added nearly PHP14.19 billion, stated Pagcor.
Mr Tengco attributed the financial performance last year to the e-Games and e-Bingo segments, which contributed PHP48.79 billion, or just above 50.0 percent, of the gaming revenues recorded in 2024.
“The continuous growth of the e-Games sector is the key driver of Pagcor’s record-breaking performance,” said the CEO. “It reflects the increasing popularity of digital gaming platforms and the transformative impact of technology on the industry.”
Pagcor’s E-Gaming Licensing Department told GGRAsia that it estimated gross gaming revenue (GGR) from the country’s electronic gaming segment would reach PHP160 billion in 2025.
The gaming regulator announced last month that the remittance rate for online and on-site betting platforms had been reduced from January 1, a decision that observers expect will help boost GGR in the segment.
In full-year 2024, the licenced casino sector chipped in 33.9 percent, or PHP33.07 billion, to the state firm’s revenues. Pagcor-operated casinos – under its network of Casino Filipino venues – contributed nearly 13.0 percent, or PHP12.67 billion.
Revenue contribution from offshore online gaming operators – formerly known as Philippine Offshore Gaming Operators (POGOs), whose legal operations ended in December last year – totalled PHP2.99 billion, or 3.1 percent, to Pagcor’s gaming revenues.
Mr Tengco said in December that the nation’s gaming industry was on track to generate “over PHP350 billion” in GGR for the calendar year.
