Philippine gaming regulator PAGCOR reported Sunday an all-time record in income from gaming operations of Php25.24 billion (US$437 million) for the three months to 31 March 2024, representing a 42.6% year-on-year increase and 17.4% higher than in the December quarter.
This, the agency noted, has it on track to surpass Php100 billion (US$1.7 billion) in annual income from gaming operations.
“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,” said Chairman and CEO, Alejandro Tengco.
The Q1 result included Php8.04 billion (US$139 million) from licensed casinos and Php3.7 billion (US$64 million) from PAGCOR-run casinos under the Casino Filipino brand – the latter of which PAGCOR said continue to slide. The agency is currently in the process of upgrading most properties ahead of privatization in the coming years.
The E-Games sector, comprising income generated from eBingo, eGames and Bingo grantees, accounted for Php9.69 billion (US$168 million).
Offshore gaming operations contributed Php860.89 million (US$14.9 million) or just 3.9% of total gaming income in 1Q24.
“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.”
PAGCOR explained that its net operating income after expenses in Q1 came in at Php19.0 billion (US$329 million), of which Php15.56 billion (US$270 million) will go to its Contributions to Nation-Building. This includes the 5% franchise tax, 50% government share, contributions provided to local government units that host PAGCOR casinos, a 5% share to the Philippine Sports Commission; funding for the Sports Incentives and Benefits Act, and a 1% share to the Board of Claims to compensate persons who are wrongfully convicted. All contributions are mandated by law.
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