For the first nine months of 2024, the Philippine Amusement and Gaming Corporation (PAGCOR) reported a strong financial performance, with revenues of Php79.43 billion (US$1.36 billion). This number indicates a strong growth trend for the regulator, as it represents a 42% increase over the same period last year.
Quarterly revenues that break records:
Notably, PAGCOR recorded its highest quarterly revenue of the year in the third quarter of 2024, coming in at Php27.7 billion (US$475 million). Compared to Php25.2 billion (US$432 million) in the first quarter and Php26.5 billion (US$455 million) in the second quarter, this is a significant increase. The steady upward trend highlights PAGCOR’s efficient management and operational tactics.
Particularly noteworthy was PAGCOR’s net income during this period, which almost doubled from Php4.85 billion (US$83.2 million) to Php9.63 billion (US$165 million) from the previous year. In spite of the recent government prohibition on offshore gaming activities, Alejandro Tengco, the chair and CEO of PAGCOR, credited the thriving e-Games industry for this financial achievement. He said he was confident they would reach the Php100 billion year-end revenue goal.
The main sources of income, accounting for Php69.9 billion (US$1.20 billion), were casino activities and license fees. According to Inside Asian Gaming, 35.5% of the nine-month revenue came from the e-Games industry alone, which brought in Php28.2 billion (US$484 million). A substantial contribution was also made by licensed casinos, which increased the revenue pool by Php24.5 billion (US$420 million), or 30.8%.