State-run Philippine Amusement and Gaming Corp. (PAGCOR) said over the weekend its net income in the first half of 2024 reached P6.56 billion, up by 121.48 percent from P2.96 billion in the same period last year.
Total Philippine gaming industry gross gaming revenue, or GGR, grew 19.21 percent to P194.743 billion from P163.36 billion in the first semester of 2023.
PAGCOR chairman and chief executive Alejandro Tengco said the robust income growth of the state gaming firm is a testament to the positive result of the reforms and enhanced regulations being implemented under the new administration.
“PAGCOR’s robust net income growth translates of course to a larger contribution to nation-building,” he said.
“We were able to remit P31.82 billion in CNB to the Treasury in the first six months compared to P22.62 billion in the same period last year.”
Driving PAGCOR’s income growth is the robust increase in its gross revenues totaling P51.76 billion, up 42.92 percent from P36.21 billion for the January to June 2023 period.
Gaming operations contributed the bulk of revenues at P45.39 billion.
Nearly half of the gaming revenues or 45.53 percent came from the online gaming sector –comprised of e-games, e-bingo and bingo grantees – which brought in a total of P20.66 billion.
Integrated resorts or licensed casinos chipped in P16.06 billion to PAGCOR’s gaming revenues for a 35.439-percent share, while PAGCOR-operated casinos under the Casino Filipino brand generated P6.93 billion for a 15.27-percent gaming revenue contribution.
Tengco said the P51.76 billion first-half revenues put PAGCOR on track to reach or even breach the P100 billion annual gross revenue threshold this year.
“Given the phenomenal revenue increase in the E-Games sector, and with more players and investors signifying their intent to enter the Philippine market, we are confident that the year 2024 will be truly a banner year for PAGCOR,” he said.
Tengco said licensed casinos are still the biggest contributors in terms of GGR in the first half, generating P99.16 billion.
The most phenomenal GGR driver in the first semester is the e-games sector with its P63.01 billion revenues, more than triple the January-June 2023 figure of P20.43 billion, underscoring the sector’s unprecedented performance which is domestic-driven.
PAGCOR-operated casinos continued its decline, posting P8.89 billion in GGR, down 11.6 percent from P10.06 billion a year earlier.
