PAGCOR: H1 Net Income Hits PHP6.56B; Larger Contribution To Nation-Building Seen

The Philippine Amusement and Gaming Corporation (PAGCOR) has 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.

Chairman Alejandro Tengco assured that PAGCOR’s robust net income growth translates to a larger contribution to nation-building. I Photo: PAGCOR

Total Philippine gaming industry gross gaming revenue (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 results 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 contributed PHP16.06 billion to PAGCOR’s gaming revenues for a 35.39% share, while PAGCOR-operated casinos under the Casino Filipino brand generated PHP6.93 billion, accounting for a 15.27% share of gaming revenue.

Mr. Tengco said the PHP51.76 billion in first-half revenues puts 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 in 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 to decline, posting PHP8.89 billion in GGR, down 11.60% from its 2023 first-half GGR share of PHP10.06 billion.