Pagcor profit hits P16.8 billion in 2024

MANILA, Philippines — The Philippine Amusement and Gaming Corp. (PAGCOR) reported a net income of P16.77 billion in 2024, more than double the P6.81 billion in 2023, as revenues soared to an all-time high of P112 billion.

In a statement, PAGCOR said its net operating income rose by 51 percent to P84.97 billion from P56.38 billion in the previous year, driven by the strong performance of the electronic gaming sector.

“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 CEO Alejandro Tengco said.

PAGCOR’s revenues in 2024 surpassed its previous peak of P81.98 billion recorded in 2019, before the pandemic.

It marks the second time in its history that revenues have surpassed the P100-billion mark – the first being in 2018, when it recorded P104.12 billion due to a one-time sale of property worth P32.71 billion.

Gaming operations and license fees remained the agency’s primary revenue sources, accounting for P97.52 billion, while business income and service fees contributed P14.18 billion.

Tengco attributed the agency’s financial performance last year to the e-games and e-bingo sectors, which contributed P48.79 billion or 50 percent of the 2024 gaming revenues.

“The continuous growth of the e-games sector is the key driver of PAGCOR’s record-breaking performance,” he said. “It reflects the increasing popularity of digital gaming platforms and the transformative impact of technology on the industry.”

Licensed casinos also contributed P33.07 billion (or 33.9 percent of revenues), while Casino Filipino venues brought in P12.67 billion (12.9 percent).

Even though the Philippine Offshore Gaming Operations ceased in December 2024, the sector still contributed P2.99 billion (3.1 percent) to gaming revenues before its closure.

With higher revenues, PAGCOR boosted its contributions to government programs and socio-civic initiatives, raising its nation-building remittances by 37.6 percent to P68.2 billion from P49.56 billion in 2023.

“Our 2024 revenues allowed us to support more government programs and other nation-building initiatives,” Tengco said.