Robust e-games buoy Pagcor earnings
The Philippine Amusement and Gaming Corp. (Pagcor) saw its earnings more than double in 2024 as revenues hit a new record high on the back of robust collections from the electronic games (e-games) sector.
In a statement on Thursday, Pagcor said its net income had grown to P16.76 billion last year, up from P6.81 billion in 2023.
The gaming regulator said its net operating income had surged by an annualized rate of 51 percent last year to P84.97 billion.
But excluding its “contributions to nation-building” through its socio-civic projects—which grew by 37.61 percent to P68.21 billion—Pagcor’s bottom line amounted to P16.77 billion.
P112-B revenues
Figures showed the gaming regulator had posted a top line growth of 41 percent to P112 billion, a new peak for the state-owned corporation.
Gaming operations and license fees remained the primary revenue sources after contributing P97.52 billion. Other revenue streams, including business income and service fees, added P14.18 billion to the haul.
Pagcor Chair and CEO Alejandro Tengco attributed the revenue growth to the “remarkable performance” of the e-games and e-bingo sectors, which contributed P48.79 billion or 50 percent to last year’s gaming receipts.
And the regulator wanted the sector to grow even more. Pagcor recently announced a fresh reduction to the remittance rates for e-games to encourage more investments in the online betting industry and convince illegal operators to register.
“It reflects the increasing popularity of digital gaming platforms and the transformative impact of technology on the industry,” Tengco said.
As it is, e-games were not the only driver of Pagcor’s financial strength.
Results showed the licensed casino sector had chipped in P33.07 billion to the revenue pie, while the agency’s Casino Filipino venues contributed P12.67 billion.
Although the Philippine offshore gaming operator sector ceased in December 2024 upon the order of President Marcos, the sector still added P2.99 billion to gaming receipts.
The fatter earnings meant the agency was able to increase its remittances of dividends to the national treasury by 33.39 percent year-on-year to P46.32 billion.
“Our 2024 revenues allowed us to support more government programs,” Tengco said.
