The Philippine Amusement and Gaming Corporation (PAGCOR) has announced its highest-ever annual revenue, reaching $1.92 billion (₱112 billion) in 2024. This figure represents a 41% increase from 2023 and surpasses the previous record of $1.4 billion (₱82 billion) set in 2019.
Alongside revenue growth, PAGCOR’s net income more than doubled, climbing 146% year-on-year to $287 million (₱16.8 billion). This substantial rise highlights the continued expansion of the country’s digital gaming sector, particularly 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,” said PAGCOR Chairman and CEO Alejandro H. Tengco.
E-Games and E-Bingo Fuel Revenue Growth
The rapid expansion of E-Games and E-Bingo contributed significantly to PAGCOR’s strong financial results. These segments accounted for 50% of the year’s total gaming revenue, generating approximately $837 million (₱48.79 billion).
“The continuous growth of the E-Games sector is the key driver of PAGCOR’s record-breaking performance,” Tengco said. He emphasized how the increasing popularity of digital gaming platforms and advancements in technology have transformed the industry.
Revenue from gaming operations and license fees remained the primary contributor, bringing in $1.67 billion (₱97.5 billion). Additional revenue from business activities, including service fees, added another $243 million (₱14.18 billion).
Contributions from Other Sectors
Beyond E-Games, the licensed casino sector accounted for 33.9% of total revenue, contributing $567 million (₱33.1 billion). PAGCOR’s own Casino Filipino venues added another $217 million (₱12.7 billion), representing 13% of the total.
Even though the Philippine Offshore Gaming Operators (POGO) sector ceased operations in December 2023 following its ban, it still contributed $51 million (₱3 billion) to the year’s total gaming revenue.
PAGCOR Boosts Contributions to National Development
With significantly higher earnings, PAGCOR increased its contributions to nation-building by 37.6%, reaching $1.17 billion (₱68.2 billion). The largest portion, $793 million (₱46.3 billion), was allocated to the National Treasury. Other key contributions included:
- $83 million (₱4.87 billion) in franchise taxes
- $19 million (₱1.09 billion) in corporate income taxes
- $40 million (₱2.31 billion) for the Philippine Sports Commission
- $212 million (₱12.37 billion) for socio-civic programs under the Office of the President
Additional funds were directed toward various initiatives, including local government support, renewable energy programs, and assistance for crime victims through the Department of Justice’s Board of Claims.
PAGCOR’s Financial Strength and Future Outlook
Before 2024, PAGCOR had only surpassed the $1.9 billion mark once, in 2018, when it recorded $1.78 billion (₱104.12 billion), a figure that included a one-time property sale. The latest financial results highlight not only the resilience of the gaming sector but also its continued adaptation to technological advancements.
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.