PAGCOR achieves 42% surge in Q1 income to P25.2-B

The Philippine Amusement and Gaming Corporation (PAGCOR) today said its total income for the first quarter of 2024 has reached P25.24 billion, a 42.57 percent increase compared with the same period last year.

The three-month earnings put the state gaming firm on track to reach the P100 billion annual income for the year, which would be a first in the 40-year history of the state gaming firm, according to PAGCOR Chairman and CEO Alejandro H. Tengco.

“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,” Tengco said.

PAGCOR’s net operating income after expenses during the quarter stands at P18.99 billion, which is 54.22 percent higher than the January-March 2023 figure of P12.32 billion.

Gaming operations accounted for the bulk of Q1 revenues with P22.29 billion. Of this amount, 43.46 percent or P9.69 billion came from the E-Games sector (eBingo, eGames and Bingo grantees) while licensed casinos (integrated resorts) brought in P8.04 billion (36.06 percent).

However, revenues from PAGCOR-run casinos under the Casino Filipino brand continued to slide, earning P3.7 billion or 16.62 percent of the 1st quarter total. This is down from the 20.68 percent share it contributed to PAGCOR’s revenues in 2023.

Offshore gaming operations for its part contributed P860.89 million or 3.86 percent of the 2024 1st 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.

“Our robust earnings also bode well for the government’s various socio-civic programs including funding for the Universal Healthcare Program which provides health insurance to millions of poor Filipinos through Philhealth,” he added.

Of the agency’s nearly Php19 billion net income in the first quarter of 2024, P15.56 billion will go to its Contributions to Nation-Building. This includes the 5 percent franchise tax; 50 percent government share; shares for LGUs hosting PAGCOR casinos; other socio-civic projects; 5 percent share of the Philippine Sports Commission; funding for the Sports Incentives and Benefits Act; and 1 percent share of the Board of Claims to compensate persons who are wrongfully convicted.

PAGCOR’s previous earnings record was established in 2019 before the pandemic outbreak. In the first quarter of that year, total income was at P19.49 billion, a number easily surpassed by this year’s first quarter earnings by nearly 30 percent.