Philippine Amusement and Gaming Corporation (PAGCOR) announced a significant increase in its net income for the first half of 2024, reaching P6.56 billion. Notably, 45.53% of PAGCOR’s gaming revenue came from the online gaming industry, which includes electronic games, electronic bingo and bingo, bringing in a total of 20.66 billion pesos ($353.79 million). This figure represents a 121.48% increase from the P2.96 billion net income reported in the same period last year.
The Philippine gaming industry has also experienced substantial growth, with gross gaming revenue (GGR) increasing by 19.21% from 163.36 billion pesos in the first half of 2023 to 194.743 billion pesos.
PAGCOR Chairman and CEO Alejandro Tengco attributed the strong revenue growth to the positive impact of reforms and strengthened regulations implemented by the new government. "PAG
COR’s strong net income growth certainly means greater contribution to nation building,” Tengco said in a PAGCOR update released on July 14. The organization turned over P31.82 billion to the Treasury in the first half of 2024, compared with the same period last year to 22.62 billion pesos.
The above revenue growth was driven by a significant increase in PAGCOR's total revenue, which totaled 51.76 billion pesos, an increase of 42.92% from the 36.21 billion pesos reported from January to June 2023. Gaming operations were the main source of revenue, contributing P45.39 billion.
Integrated resorts or licensed casinos added P16.06 billion or 35.39%, while casinos under the Casino Filipino brand operated by PAGCOR contributed P6.93 billion or 15.27% of gaming revenue.
Licensed casinos were the biggest contributor in terms of gross gaming revenue in the first half of the year, generating P99.16 billion in revenue. The electronic gaming industry was the standout, with revenue soaring to P63.01 billion, more than three times the P20.43 billion in the first half of 2023, highlighting the industry’s stellar domestic-driven performance.
On the contrary, casinos operated by PAGCOR experienced a decline in revenue, with total gaming revenue of 8.89 billion pesos, down 11.60% from 10.06 billion pesos in the first half of 2023.
Tengco is confident in PAGCOR's growth trajectory, noting that first-half revenue of P51.76 billion puts the organization on track to cross the P100 billion annual gross revenue threshold this year.
PAGCOR remains focused on capitalizing on the booming online gaming industry and welcomes new investment in 2024. "Given the incredible growth in revenue from the video game industry and the growing number of players and investors expressing interest in entering the Philippine market, we believe 2024 will be a truly stellar year for PAGCOR."
