PAGCOR reports double-digit growth in 1st quarter earnings

The Philippine Amusement and Gaming Corp. (PAGCOR) over the weekend reported a 42.57% increase in its total income in the first three months of 2024, bringing the agency closer to hit its P100-billion annual income target for the year.

In an emailed statement, PAGCOR said its total income grew to P25.24 billion while its net operating income after expenses for the quarter climbed by 54.22% to P12.32 billion.

“We are happy to announce that PAGCOR is able to sustain our growth trajectory in the first quarter of 2024 and this should help position us into achieving another record breaking year,” PAGCOR chairman and chief executive officer Alejando Tengco said.

Gaming operations accounted for P22.29 billion of revenues for the period, with P9.69 billion coming from e-games such as eBingo, eGames, and Bingo grantees, and P8.04 billion coming from licensed casinos.

Offshore gaming operations, meanwhile, contributed P860.89 million or 3.86% of the first-quarter total gaming income.

“As we said earlier, the e-games sector will be our major source of gaming revenues this year and in the next few years as innovation and technological integration allows the sector to offer more excitement and convenience to gamers,” Tengco said.

The agency noted, however, that revenues from PAGCOR-run casinos under the Casino Filipino brand slipped to P3.7 billion to reflect a 20.68% decline to its revenue contribution for the first quarter.

PAGCOR last year said it plans to privatize self-operated casinos moving forward, and instead focus on a purely regulatory role.

Under its mandate, PAGCOR is required to regulate the gaming industry, generate revenues for the Philippine government's socio-civic and national development programs, and help promote the tourism industry. It expects to raise at least P60 billion to P80 billion from such plans.

It targets to divest from casino operations in the next five years, during which it also expects one integrated resort to open each year.—RF, GMA Integrated News