The Philippine Amusement and Gaming Corporation (PAGCOR) has introduced its highest-ever annual income, reaching $1.92 billion (₱112 billion) in 2024. This determine represents a 41% improve from 2023 and surpasses the earlier file of $1.4 billion (₱82 billion) set in 2019.
Alongside income development, PAGCOR’s internet revenue greater than doubled, climbing 146% year-on-year to $287 million (₱16.8 billion). This substantial rise highlights the continued growth of the nation’s digital gaming sector, notably E-Games and E-Bingo.
“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,” stated PAGCOR Chairman and CEO Alejandro H. Tengco.
E-Games and E-Bingo Fuel Revenue Growth
The speedy growth of E-Games and E-Bingo contributed considerably to PAGCOR’s sturdy monetary outcomes. These segments accounted for 50% of the yr’s complete gaming income, producing roughly $837 million (₱48.79 billion).
“The continuous growth of the E-Games sector is the key driver of PAGCOR’s record-breaking performance,” Tengco stated. He emphasised how the growing recognition of digital gaming platforms and developments in know-how have remodeled the business.
Revenue from gaming operations and license charges remained the first contributor, bringing in $1.67 billion (₱97.5 billion). Additional income from enterprise actions, together with service charges, added one other $243 million (₱14.18 billion).
Contributions from Other Sectors
Beyond E-Games, the licensed on line casino sector accounted for 33.9% of complete income, contributing $567 million (₱33.1 billion). PAGCOR’s personal Casino Filipino venues added one other $217 million (₱12.7 billion), representing 13% of the full.
Even although the Philippine Offshore Gaming Operators (POGO) sector ceased operations in December 2023 following its ban, it nonetheless contributed $51 million (₱3 billion) to the yr’s complete gaming income.
PAGCOR Boosts Contributions to National Development
With considerably greater earnings, PAGCOR elevated its contributions to nation-building by 37.6%, reaching $1.17 billion (₱68.2 billion). The largest portion, $793 million (₱46.3 billion), was allotted to the National Treasury. Other key contributions included:
- $83 million (₱4.87 billion) in franchise taxes
- $19 million (₱1.09 billion) in company revenue taxes
- $40 million (₱2.31 billion) for the Philippine Sports Commission
- $212 million (₱12.37 billion) for socio-civic packages below the Office of the President
Additional funds had been directed towards varied initiatives, together with native authorities help, renewable power packages, and help for crime victims by means of the Department of Justice’s Board of Claims.
PAGCOR’s Financial Strength and Future Outlook
Before 2024, PAGCOR had solely surpassed the $1.9 billion mark as soon as, in 2018, when it recorded $1.78 billion (₱104.12 billion), a determine that included a one-time property sale. The newest monetary outcomes spotlight not solely the resilience of the gaming sector but additionally its continued adaptation to technological developments.
Source:
Rapid growth of domestic online gaming sector sees PAGCOR report all-time record revenue of US$1.92 billion in 2024, asgam.com, January 30, 2025.
