The Philippine Amusement and Gaming Corporation (PAGCOR) reported a gross revenue of PHP112bn (US$1.92bn) for 2024, which reflects a 41% increase from the PHP79bn recorded in 2023.
This growth was largely driven by the strong performance of the electronic games sector. Net operating income increased by 51% to PHP84.97bn, while net income, after PAGCOR’s PHP68.21bn contributions to nation-building, reached PHP16.77bn, more than double the PHP6.81bn recorded in 2023.
Alejandro H. Tengco, the Chairman and CEO of PAGCOR, mentioned:
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.
The continuous growth of the E-Games sector is the key driver of PAGCOR’s record-breaking performance. It reflects the increasing popularity of digital gaming platforms and the transformative impact of technology on the industry.
Gaming operations and license fees remained PAGCOR’s primary revenue streams and contributed to PHP97.52bn, while other income sources, as business and service fees, added PHP14.18bn.
The E-Games and E-Bingo sectors led the growth, generating PHP48.79bn, accounting for over 50% of total gaming revenues. Licensed casinos contributed PHP33.07bn (33.91%), while PAGCOR-operated Casino Filipino venues added PHP12.67bn (12.99%).
Despite the government’s decision to terminate Philippine Offshore Gaming Operations (POGOs) in December 2024, the sector still generated PHP2.99bn before its closure. With increased revenues, PAGCOR boosted contributions to national programs, remitting PHP46.32bn to the National Treasury and PHP12.37bn to socio-civic initiatives.
