PAGCOR Posts 42% Surge In 1st Quarter Income To PHP25.2 Billion

The Philippine Amusement and Gaming Corporation (PAGCOR) announced today that its total income for the first quarter of 2024 has reached PHP25.24 billion, marking a significant increase of 42.57% compared to the same period last year.

PAGCOR's three-month earnings growth positions the state gaming firm to be on track to achieve an annual income of PHP100 billion for the year.

According to PAGCOR Chairman and CEO Alejandro H. Tengco, this three-month earnings growth positions the state gaming firm on track to achieve an annual income of PHP100 billion for the year, which would be a historic milestone in the 40-year history of the organization.

Mr. Tengco expressed his satisfaction with PAGCOR's sustained growth trajectory, stating, "We are happy to announce that PAGCOR is able to sustain our growth trajectory in the first quarter of 2024 and this should help position us into achieving another record-breaking year."

The net operating income after expenses for the quarter stands at PHP18.99 billion, reflecting a substantial increase of 54.22% compared to the same period in 2023 when it was PHP12.32 billion.

Gaming operations constituted the majority of revenues for Q1, with PHP22.29 billion.

Within this segment, the E-Games sector contributed PHP9.69 billion (43.46%), while licensed casinos generated PHP8.04 billion (36.06%). However, revenues from PAGCOR-run casinos under the Casino Filipino brand experienced a decline, contributing PHP3.7 billion or 16.62% of the total for the 1st quarter.

Offshore gaming operations contributed PHP860.89 million or 3.86% of the total gaming income for the first quarter of 2024.

Mr. Tengco highlighted the E-Games sector as a significant source of gaming revenues for the foreseeable future, citing innovation and technological integration as driving factors behind its growth.

Additionally, PAGCOR's robust earnings are expected to support various socio-civic programs, including funding for the Universal Healthcare Program and contributions to nation-building initiatives.

Out of the nearly PHP19 billion net income in the first quarter of 2024, PHP15.56 billion will be allocated to Contributions to Nation-Building, covering various taxes, government shares, funding for socio-civic projects, sports incentives, and compensation for wrongfully convicted individuals.

PAGCOR's first-quarter earnings in 2024 have surpassed its previous record set in 2019, indicating strong financial performance despite the challenges posed by the pandemic.