PAGCOR Hits Record Php112B Revenue in 2024
The Essentials at a Glance
The Philippine Amusement and Gaming Corporation (PAGCOR) achieved a record revenue of Php112 billion in 2024, marking a 41% increase compared to 2023. This success is primarily attributed to the growing popularity of electronic games (E-Games). In addition to its revenue from the gaming sector, PAGCOR has also made significant contributions to national development programs.
Record Revenue Thanks to E-Games
PAGCOR reached a new revenue high of Php112 billion in 2024. Compared to Php79 billion in the previous year, this represents a 41% increase. Notably, the E-Games and E-Bingo sectors contributed Php48.79 billion, accounting for over 50% of the total gaming revenue.
Revenue from PAGCOR-operated casinos (Casino Filipino) amounted to Php12.67 billion, while licensed casinos contributed Php33.07 billion. Interestingly, the Philippine Offshore Gaming Operations (POGOs), despite their closure in December 2024, still added Php2.99 billion to the revenue.
Strong Operational Results
PAGCOR’s operating profit rose to Php84.97 billion in 2024, a 51% increase from Php56.38 billion in 2023. After allocating funds for national projects, a net profit of Php16.77 billion remained. Chairman and CEO Alejandro H. Tengco described this result as the best in PAGCOR’s history and commended the performance of its employees and partners.
Growing Importance of Digital Platforms
The increasing popularity of digital gambling platforms was a key driver of success. According to Tengco, the growth of the E-Games segment highlights how technology is transforming the gaming industry. This trend reflects a global shift, with more players turning to online offerings.
Increased Contributions to National Development
With its increased revenue, PAGCOR significantly boosted its contributions to national programs. A total of Php68.20 billion was allocated to various projects, representing a 37.61% increase compared to 2023.
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– The largest portion, Php46.32 billion, went to the National Treasury.
– Php4.87 billion was paid as franchise taxes, while Php1.09 billion accounted for corporate taxes.
– The Philippine Sports Commission received Php2.31 billion, and Php91.88 million was allocated as bonuses for athletes and coaches of the 2024 Olympic Games.
– Additional funds supported social programs, renewable energy initiatives, and assistance for cities hosting Casino Filipino locations.
Comparison with Previous Records
Interestingly, PAGCOR had already surpassed the Php100 billion mark in 2018, but this was due to a one-time sale of properties worth Php32.71 billion. The new 2024 record was achieved solely through gaming and related revenues, underscoring the company’s sustainable strength.
Our Assessment
PAGCOR’s success in 2024 demonstrates how the gaming industry benefits from technological innovations. The E-Games segment, in particular, stands out as a growth driver. At the same time, the record revenue highlights the importance of responsible management and strategic diversification. The increased contributions to national development programs are a positive indication of the societal relevance of gaming regulatory authorities. PAGCOR has proven that economic success and social responsibility can go hand in hand.
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