State-run Philippine Amusement and Gaming Corp. (PAGCOR) said Thursday its revenues hit a new record high of P112 billion in 2024, or nearly 41 percent more than P79 billion in 2023, on the back of the sustained robust performance of the electronic games sector.
It said net operating income in 2024 reached P84.97 billion, or 51 percent higher than the year-ago level of P56.38 billion, while net income after deducting its P68.21 billion contributions to the government was at P16.77 billion.
“We are proud to announce that our 2024 financial performance is the best so far in the history of PAGCOR, and we thank our employees and stakeholders for making such achievement possible,” PAGCOR chairman and chief executive Alejandro Tengco said.
Prior to 2024, the highest gross operating revenue on record for PAGCOR was in 2019 – before the pandemic outbreak – when the state gaming firm generated P81.98 billion.
Gaming operations and license fees remained the primary revenue sources, contributing P97.52 billion, while other revenue streams including business income and service fees added P14.18 billion.
Net income more than doubled from P6.81 billion in 2023 to P16.76 billion in 2024.
Tengco attributed the agency’s financial performance to the e-games and e-bingo sectors which contributed P48.79 billion or 50.03 percent of the 2024 gaming revenues.
“The continuous growth of the e-games sector is the key driver of PAGCOR’s record-breaking performance,” Tengco said.
“It reflects the increasing popularity of digital gaming platforms and the transformative impact of technology on the industry,” he said.
The licensed casino sector chipped in 33.91 percent or P33.07 billion to PAGCOR’s 2024 revenue pie, while the agency’s Casino Filipino venues contributed 12.99 percent or P12.67 billion.
Although the Philippine Offshore Gaming Operations (POGOs) ceased in December 2024 on orders of the President, the sector still contributed P2.99 billion, or 3.07 percent, to gaming revenues.
PAGCOR said it also increased its contributions to nation building (CNB) by 37.61 percent to P68.20 billion from P49.56 billion in 2023.
“Our 2024 revenues allowed us to support more government programs and other nation-building initiatives,” said Tengco.
Remittances to the National Treasury reached P46.32 billion which was 33.39 percent higher than the 2023 remittance of P34.72 billion.
PAGCOR also remitted P4.87 billion in franchise taxes and P1.09 billion in corporate income taxes to the Bureau of Internal Revenue.
The Philippine Sports Commission received P2.31 billion, while P91.88 million was allocated as cash incentives for athletes and coaches who won in international competitions including the 2024 Paris Olympic and Paralympic Games.
PAGCOR also released P12.37 billion to fund socio-civic programs under the Office of the President.
Other mandated beneficiaries of PAGCOR’s 2024 revenues included cities hosting Casino Filipino branches which received P698.60 million; the Board of Claims under the Department of Justice which was allocated P178.80 million; and the Renewable Energy Trust Fund, which received P248.01 million.
PAGCOR said it surpassed the P100 billion revenue mark only once, in 2018, when it recorded P104.12 billion but it included a one-time sale of property worth P32.71 billion.