Pagcor revenues hit new record high of P112B in 2024

THE Philippine Amusement and Gaming Corp. (Pagcor) said its revenues hit a new record high of P112 billion in 2024, nearly 41 percent more than the P79 billion in the previous year, on the back of the sustained robust performance of the electronic games sector.

NEW RECORD HIGH Philippine Amusement and Gaming Corp. hits P112 billion revenues in 2024, nearly 41 percent more than the P79 billion in 2023. PAGCOR IMAGE

Net operating income was at 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 nation-building 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 CEO Alejandro Tengco said.

Prior to 2024, Pagcor's highest gross operating revenue on record 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 remarkable 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. It reflects the increasing popularity of digital gaming platforms and the transformative impact of technology on the industry," Tengco 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.