BUSINESS
Advocates Philippines
PAGCOR's Mid-Year Win: Doubles Net Income To Php6.56 Billion
Photo credit: PAGCOR
The Philippine Amusement and Gaming Corporation (PAGCOR) has reported a whopping 121.48% surge in net income for the first half of 2024, reaching P6.56 billion compared to P2.96 billion in the same period last year.
Driving this impressive growth is the Philippine gaming industry's overall gross gaming revenue (GGR), which climbed by 19.21% to P194.743 billion from P163.36 billion in the first semester of 2023.
PAGCOR Chairman and CEO Alejandro Tengco attributed this remarkable financial upswing to robust reforms and enhanced regulations implemented under the new administration. "PAGCOR’s robust net income growth translates, of course, to a larger Contribution to Nation-Building," he emphasized, noting a substantial increase in remittances to the Treasury—Php31.82 billion in the first six months compared to Php22.62 billion last year.
The core driver behind PAGCOR's revenue surge is a substantial increase in gross revenues, totaling Php51.76 billion, marking a significant 42.92% rise from Php36.21 billion in the first half of 2023. Gaming operations, particularly the online gaming sector encompassing E-Games, E-Bingo, and bingo grantees, contributed a substantial Php45.39 billion to this total.
Highlighting the sector's pivotal role, Tengco noted, "Nearly half of our gaming revenues, 45.53%, came from the online gaming sector alone, amounting to Php20.66 billion." Licensed casinos, including integrated resorts and PAGCOR-operated venues under the Casino Filipino brand, also played significant roles, contributing Php16.06 billion and Php6.93 billion, respectively.
Looking ahead, Tengco expressed confidence that PAGCOR is poised to breach the Php100 billion annual gross revenue mark this year, buoyed by the unprecedented performance of the E-Games sector, which alone raked in Php63.01 billion in GGR—more than triple its earnings from the previous year's first half.
Despite a slight decline in GGR from PAGCOR-operated casinos, down to Php8.89 billion, Tengco remains optimistic about the industry's trajectory. "With more players and investors eyeing the Philippine market, 2024 promises to be a banner year for PAGCOR," he concluded.
This robust financial performance underscores PAGCOR's pivotal role in driving economic growth and revenue generation for the Philippines, setting a promising precedent for the months ahead.
Driving this impressive growth is the Philippine gaming industry's overall gross gaming revenue (GGR), which climbed by 19.21% to P194.743 billion from P163.36 billion in the first semester of 2023.
PAGCOR Chairman and CEO Alejandro Tengco attributed this remarkable financial upswing to robust reforms and enhanced regulations implemented under the new administration. "PAGCOR’s robust net income growth translates, of course, to a larger Contribution to Nation-Building," he emphasized, noting a substantial increase in remittances to the Treasury—Php31.82 billion in the first six months compared to Php22.62 billion last year.
The core driver behind PAGCOR's revenue surge is a substantial increase in gross revenues, totaling Php51.76 billion, marking a significant 42.92% rise from Php36.21 billion in the first half of 2023. Gaming operations, particularly the online gaming sector encompassing E-Games, E-Bingo, and bingo grantees, contributed a substantial Php45.39 billion to this total.
Highlighting the sector's pivotal role, Tengco noted, "Nearly half of our gaming revenues, 45.53%, came from the online gaming sector alone, amounting to Php20.66 billion." Licensed casinos, including integrated resorts and PAGCOR-operated venues under the Casino Filipino brand, also played significant roles, contributing Php16.06 billion and Php6.93 billion, respectively.
Looking ahead, Tengco expressed confidence that PAGCOR is poised to breach the Php100 billion annual gross revenue mark this year, buoyed by the unprecedented performance of the E-Games sector, which alone raked in Php63.01 billion in GGR—more than triple its earnings from the previous year's first half.
Despite a slight decline in GGR from PAGCOR-operated casinos, down to Php8.89 billion, Tengco remains optimistic about the industry's trajectory. "With more players and investors eyeing the Philippine market, 2024 promises to be a banner year for PAGCOR," he concluded.
This robust financial performance underscores PAGCOR's pivotal role in driving economic growth and revenue generation for the Philippines, setting a promising precedent for the months ahead.
Jul 15, 2024
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