The Philippine Amusement and Gaming Corp. reported that it hit a new record-high revenue totaling P112 billion in 2024.
The amount is nearly 41 percent more than the P79 billion it earned in the previous year, on the back of sustained robust performance of the electronic games sector.
Pagcor’s 2024 net operating income was at P84.97 billion, or 51 percent higher than the year-ago level of P56.38 billion; its net income, after deducting P68.21 billion contributions to nation building, stood 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,” chairperson and CEO Alejandro Tengco said.
Prior to 2024, the highest gross operating revenue on record for Pagcor 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 to PAGCOR’s coffers.
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 PAGCOR’s 2024 gaming revenues.
“The continuous growth of the E-Games sector is the key driver of PAGCOR’s record-breaking performance,” Tengco said. “It reflects the increasing popularity of digital gaming platforms and the transformative impact of technology on the industry.”
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.
Although the Philippine Offshore Gaming Operators (POGOs) ceased in December 2024 on orders of the President, the sector still contributed P2.99 billion, or 3.07 percent to gaming revenues.
With bigger revenues, Pagcor also significantly increased its contributions to nation-building (CNB) by 37.61 percent to P68.20 billion from P49.56 billion in 2023.
“Our 2024 revenues allowed us to support more government programs and other nation-building initiatives,” Tengco said.
Remittances to the National Treasury reached P46.32 billion which was 33.39 percent higher than the 2023 remittance of P34.72 billion.