PAGCOR records 42% surge in 1Q 2024 income??

Jenny Ortiz April 29, 2024

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PAGCOR records 42% surge in 1Q 2024 income??

The Philippine Amusement and Gaming Corporation (PAGCOR) has reported a significant surge in its first-quarter income for 2024, reaching a staggering PHP25.24 billion (€408.5 million), marking a remarkable 42.57 percent increase compared to the same period last year.

In a press release, PAGCOR Chairman and CEO Alejandro Tengco expressed satisfaction with the firms’ performance.

“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,” he said.

Net operating income soars

Net operating income after expenses during the quarter stood at PHP18.99 billion (€307.3 million), reflecting a substantial 54.22 percent increase from the figures recorded in January-March 2023, which totalled PHP12.32 billion (€199.4 million).

Gaming operations drive revenue surge

Gaming operations emerged as the primary revenue driver for PAGCOR in the first quarter, generating PHP22.29 billion (€360.8 million). Within this segment, the e-Games sector, comprising eBingo, eGames, and Bingo grantees, contributed PHP9.69 billion (€156.8 million), while licensed casinos, including integrated resorts, brought in PHP8.04 billion (€130.1 million).

“The e-games sector will be our major source of gaming revenues this year and in the next few years as innovation and technological integration allow the sector to offer more excitement and convenience to gamers,” Tengco said.

However, revenues from PAGCOR-run casinos under the Casino Filipino brand experienced a decline, contributing PHP3.7 billion (€59.9 million), down from their share in 2023.

Offshore gaming’s contributions

Offshore gaming operations also made a notable contribution to PAGCOR’s earnings, accounting for PHP860.89 million (€13.9 million) or 3.86% of the total gaming income for the first quarter of 2024.

Focus on socio-civic programs

Tengco also emphasized the positive impact of PAGCOR’s robust earnings on various socio-civic programs, including funding for the Universal Healthcare Program, which provides health insurance to millions of underprivileged Filipinos through Philhealth.

Out of the nearly PHP19 billion (€307.5 million) net income in the first quarter of 2024, PHP15.56 billion (€251.8 million) will be allocated towards Contributions to Nation-Building. This encompasses various initiatives such as the 5 percent franchise tax, government shares, funding for local government units (LGUs) hosting PAGCOR casinos, socio-civic projects, and support for sports development.

Surpassing previous records

PAGCOR‘s latest earnings surpassed its previous record set in 2019 before the pandemic outbreak, indicating a robust recovery and growth trajectory for the corporation. In the first quarter of 2019, total income stood at PHP19.49 billion (€315.4 million), a figure comfortably surpassed by the first quarter of 2024 by nearly 30 percent.

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