The Philippine Amusement and Gaming Corporation has reported a substantial increase in its net income for the first half of 2024, reaching PHP6.56bn (US$112.34m).
This figure marks a 121.48 per cent rise compared to the PHP2.96bn ($50.68m) net income recorded during the same period last year for the Philippines operator.
In parallel, the total gross gaming revenue of the Philippine gaming industry saw a 19.21 per cent uptick, climbing to PHP194.743bn ($3.3bn) from PHP163.36bn ($2.79bn) in the first semester of 2023.
PAGCOR chairman and CEO Alejandro Tengco attributed the state gaming firm’s robust income growth to the positive impact of reforms and enhanced regulations under the new administration.
“PAGCOR’s robust net income growth translates of course to a larger contribution to nation-building,” Tengco stated. “We were able to remit PHP31.82bn ($544.8m) in CNB to the Treasury in the first six months compared to PHP22.62bn ($387.2m) in the same period last year.”
