In the nine months leading up to September 30, Pagcor’s net profits almost doubled. 2024 saw a net income of little over PHP9.63 billion (US$165.6 million) for the state-run Philippine Amusement and Gaming Corp (Pagcor), up 98.1 percent from the same time the previous year.
The total income for the nine months ending September 30th was PHP79.43 billion, an increase of 42.0 percent year over year. The overall revenue for the third quarter alone was PHP27.67 billion.
The first nine months of this year saw PHP69.88 billion in revenue from gaming operations, a 35.3 percent rise over the same period last year. Revenue from gambling operations increased to PHP24.49 billion in the third quarter.
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Pagcor’s chairman and CEO, Alejandro Tengco, stated in a news statement on Tuesday that the nation’s licensed casinos and integrated resorts, followed by a “robust” electronic games industry, were the main drivers of the agency’s performance.
They quoted him as stating: “The electronic games sector alone contributed PHP28.22 billion, or 35.52 percent, to the gaming revenue pie, followed by the licensed casino sector which chipped in 30.84 percent, or PHP24.50 billion, from licensee fees.”
Additionally, Mr. Tengco said: “Our third quarter performance is a strong indication that in spite of the President’s decision to ban offshore gaming operations in the country, we are still on track to meet our PHP100 billion revenue target by year-end.”
According to Pagcor’s most recent report, operating expenses for the first nine months of 2024 totaled PHP24.41 billion, a 29.5 percent year-over-year increase.
In the first three quarters of the year, the state-run corporation, which also operates publicly owned casinos and oversees the whole casino sector in the nation, made a total contribution of PHP44.97 billion to state revenues.
According to the legislation, Pagcor must give the government’s treasury department at least half of its yearly total earnings.
According to Pagcor, gross gaming revenue (GGR) from the country’s gaming sector is expected to reach PHP336.38 billion this year, up 17.9% from 2023.
According to official figures, the Philippine gaming industry, which includes non-casino operations, generated GGR of slightly over PHP194.74 billion in the first half of 2024, up 19.21% from the same time the previous year.
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