PAGCOR or the Philippine gaming regulator has reported an all-time revenue record of Php112 billion or US$1.91 billion in the previous year. This was bolstered by the phenomenal growth of the domestic online gaming or E-Games segment of the country.
Net income also grew by 146% year-on-year to Php16.8 billion or US$287 million.
The 2024 financial accounts of the regulator says that the new revenue record represents a 41% increase over 2023 revenues and eclipses the previous record of Php82.0 billion or US$1.40 billion achieved in 2019.
PAGCOR Chairman and CEO Alejandro H. Tengco said that they are proud to announce that their 2024 financial performance is the best so far in the history of PAGCOR, and they thank their employees and stakeholders for making such achievement possible. He notes that the E-Games and E-Bingo sectors contributed 50% of all revenue of 2024 gaming revenues.
Tengco also stated that 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.
PAGCOR explained that gaming operations and license fees remained the main revenue sources in the previous year, contributing Php97.5 billion or US$1.67 billion. On the other hand, revenue streams including business income and service fees added Php14.18 billion or US$243 million.
The licensed casino sector chipped in 33.9% or Php33.1 billion or US$567 million. Meanwhile, the Casino Filipino of agency venues contributed 13.0% or Php12.7 billion or US$217 million.
POGO, the now defunct offshore gaming sector also contributed Php3.0 billion or US$51 million.
According to PAGCOR, significantly higher revenues allowed it to increase its contribution to nation-building. This is a fundamental requirement under its charter – to Php68.2 billion or US$1.17 billion, up 37.6% compared with 2023.
