Pagcor profit soars to P6.82 billion in 2023

MANILA, Philippines — Earnings of state-run Philippine Amusement and Gaming Corp. (Pagcor) surged by more than 50 percent to nearly P7 billion last year as the gambling sector bounced back and exceeded pre-COVID levels.

Latest data from Pagcor showed its net income jumped by 53.27 percent to reach P6.82 billion in 2023 from P4.45 billion in 2022.

Last year’s bottom line was also a huge jump from the P1.64 billion target set by the Department of Budget and Management.

Pagcor revenues increased by 35 percent to P79.38 billion from P58.96 billion in 2022. These included service and business income from its gaming operations and other revenues.

Revenues are also 14 percent better than government expectations of at least P69.46 billion.

Last year, Pagcor banked on a favorable business environment, as well as its move to fine-tune regulatory policies to make the Philippines a more attractive gaming and entertainment hub.

On the other hand, Pagcor’s expenses increased by 18 percent to P26.65 billion as against the P22.59 billion in 2022. This is also higher than its target of P23.04 billion.

Most of the increase was due to maintenance and other operating expenses, which picked up by 43 percent to P8.06 billion, as well as for personnel services which increased by 18 percent to P15.5 billion.

Last month, Pagcor said the industry’s gross gaming revenue went up by 33 percent to P285.27 billion in 2023, the highest record to date.

It was also 11 percent above the previous high of P256.49 billion generated in 2019, just before the pandemic that restricted movements and temporarily shut down gaming operations.