By Komfie Manalo
The Philippine Amusement and Gaming Corporation (PAGCOR) has announced that its net income for the first half of 2024 reached P6.56 billion, up 121.48% from P2.96 billion in the same period last year.
The Total Philippine gaming industry's gross gaming revenue (GGR), on the other hand, grew 19.21% to Php194.743 billion from the P163.36 billion GGR in the first semester of 2023.
PAGCOR chairman and CEO Alejandro Tengco said the state gaming firm's robust income growth is a testament to the positive results of the reforms and enhanced regulations being implemented under the new administration.
"PAGCOR's robust net income growth translates, of course, to a larger Contribution to Nation-Building," he said. "We were able to remit P31.82 billion in CNB to the Treasury in the first six months compared to P22.62 billion in the same period last year."
The robust increase in its gross revenues, totaling P51.76 billion, up 42.92% from P36.21 billion for the January-June 2023 period, is driving PAGCOR's income growth.
Gaming operations contributed the bulk of revenues at P45.39 billion.
Nearly half of the gaming revenues, or 45.53%, came from the online gaming sector –comprised of E-Games, E-Bingo, and bingo grantees – which brought in a total of P20.66 billion.
Integrated resorts or licensed casinos chipped P16.06 billion to PAGCOR's gaming revenues for a 35.439% share. In comparison, PAGCOR-operated casinos under the Casino Filipino brand generated P6.93 billion for a 15.27% gaming revenue contribution.
Tengco said the P51.76 billion first-half revenues put PAGCOR on track to reach or even breach the P100 billion annual gross revenue threshold this year.
"Given the phenomenal revenue increase in the E-Games sector, and with more players and investors signifying their intent to enter the Philippine market, we are confident that 2024 will be truly a banner year for PAGCOR," he said.
Regarding GGR, Tengco said licensed casinos are still the biggest contributors during the first half, generating P99.16 billion.
The most phenomenal GGR driver in the first semester is the E-Games sector with its P63.01 billion revenues, more than triple the January-June 2023 figure of P20.43 billion, underscoring the sector's unprecedented performance, which is domestic-driven.
PAGCOR-operated casinos, on the other hand, continued their decline, posting P8.89 billion in GGR, which is down 11.60% from their 2023 first-half GGR share of P10.06 billion.
Comments