Pagcor earnings hit P25 billion in Q1

MANILA, Philippines — The earnings of state-run Philippine Amusement and Gaming Corp. (PAGCOR) soared by 43 percent to P25.2 billion in the first quarter, driven by the electronic games sector.

Data showed the revenues of PAGCOR jumped by 42.5 percent to P25.2 billion in January to March from P17.71 billion in the same period in 2023.

These included service and business income from its gaming operations and other revenues.

Gaming operations accounted for the bulk of first quarter earnings or 88 percent of the total equivalent to P22.29 billion.

 Of this, more than 40 percent or P9.69 billion came from e-games, while PAGCOR’s licensed casinos and integrated resorts brought in P8.04 billion, cornering 36 percent of the aggregate.

 “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,” PAGCOR chairman and CEO Alejandro Tengco said.

On the other hand, revenues from PAGCOR-run casinos under the Casino Filipino brand declined to P3.7 billion.

The remaining P860.89 million in revenues came from offshore gaming operations during the quarter.

 With the first quarter performance, Tengco said PAGCOR is on track to hit the record P100-billion revenue target for the year.

 Tengco added that earnings for the period bode well for the government’s various socio-civic programs.

 As mandated by law, the bulk of PAGCOR’s earnings should go back to nation building.

 These include the 50 percent government share, five percent franchise tax, five percent share to fund the country’s sports sector, as well as share to local government units hosting PAGCOR casinos.

PAGCOR is the third biggest contributor to the Bureau of the Treasury, next to the Bureau of Internal Revenue and the Bureau of Customs.