The Philippine Amusement and Gaming Corporation has announced a 42 per cent increase in its income for the first quarter of 2024, reaching PHP25.24bn (US$437.9m).
According to PAGCOR chairman and CEO Alejandro H Tengco, this performance places the state gaming firm on course to achieve an annual income of PHP100bn ($1.73bn) for the year, a figure that would represent a historic milestone in the organisation’s 40-year history.
“We are pleased to report that PAGCOR has maintained its growth trajectory in the first quarter of 2024, positioning us for another record-breaking year,” stated Tengco.
The net operating income after expenses for the quarter stands at PHP18.99bn ($329.4m), representing a substantial increase of 54.22 per cent compared to the figures from January to March 2023.
Gaming operations remain the primary revenue driver for PAGCOR, accounting for PHP22.29bn ($386.7m) in 1Q24 revenues. Within this segment, the e-games sector contributed PHP9.69bn ($168.1m, while licensed casinos brought in PHP8.04bn ($139.4m).
Tengco emphasised the importance of the e-games sector in driving gaming revenues, noting that technological advancements will continue to enhance the sector’s appeal to gamers.
The robust earnings also have positive implications for the government’s socio-civic programmes, including funding for the Universal Healthcare Program, which provides health insurance to millions of underprivileged Filipinos through PhilHealth.
Source: Asia Gaming Brief
