On July 15, 2024, the Philippine Amusement and Gaming Corporation (PAGCOR) reported that its net income increased significantly in the first half of 2024 growth, reaching 6.56 billion Philippine pesos (112.34 million U.S. dollars).
This figure represents an increase of 121.48% compared to the Php2.96 billion (US$50.68 million) net income recorded in the same period last year .
Meanwhile, the Philippine gaming industry’s total gross gaming revenue (GGR) increased by 19.21%, from Php 163.36 billion (US$2.79 billion) rose to Php 194.743 billion (US$3.3 billion).
PAGCOR Chairman and CEO Alejandro Tengco The strong revenue growth was attributed to the impact of aggressive reforms and tighter regulations under the new administration.
Tengke said: "PAGCOR's strong net income growth has certainly translated into greater contributions to national construction." "In front In six months, we were able to deposit 31.82 billion Philippine pesos (US$54.48 million) into the national treasury, compared to 22.62 billion Philippine pesos (US$38.72 million) in the same period last year.”
PAGCOR's revenue surge was driven by a significant increase in gross revenue, which totaled Php 51.76 billion ($88.617 million), compared with Php 36.21 billion (USD 61.993 million) for the period January to June 2023, an increase of 42.92%.
Gaming operations were the main source of revenue, generating Php 45.39 billion (US$77.71 million).
It is worth noting that 45.53% of gaming revenue comes from the online gaming sector, including electronic games, electronic bingo and bingo licensing , bringing in a total of 20.66 billion Philippine pesos (35.379 million U.S. dollars).
Licensed casinos (including integrated resorts) contributed Php 16.06 billion (US$27.499 million), accounting for 35.439% of gaming revenue , while the Casino Filipino-branded casino operated by PAGCOR generated 6.93 billion Philippine pesos (US$11.864 million), accounting for 15.27%.
Tenko expressed confidence in PAGCOR's financial trajectory, noting that first-half revenue of Php51.76 billion ($88.617 million) made the company The company is likely to reach or exceed its annual gross revenue target of Php 100 billion ($171.2 million) this year.
"Given the impressive revenue growth of the E-Games segment and more players and investors indicating their intention to enter the Philippine market, we I believe 2024 will be a truly banner year for PAGCOR,” he added.
In terms of GGR, licensed casinos were the largest contributors in the first half, generating PHP 99.16 billion (USD 1.698 billion) ).
The E-Games segment experienced the most significant growth, with revenue reaching Php 63.01 billion (USD 1.079 billion) - yes That’s more than three times the Php20.43 billion ($34.983 million) recorded in the first half of 2023. This highlights the sector's unprecedented performance, driven largely by domestic demand.
In contrast, PAGCOR-operated casinos continued to decline, with GGR of Php889 million ($152.18 million), compared with 10.06 in the same period last year billion Philippine pesos (US$172.3 million), down 11.60%.
