The Philippine Amusement and Gaming Corporation (PAGCOR) has achieved an exceptional financial milestone, reporting an all-time high of PHP 112 billion in revenue for 2024. This figure marks a significant 41% increase from the PHP 79 billion recorded in 2023, with the growth largely driven by the outstanding performance of the Electronic Games (E-Games) sector. This surge reflects a broader trend in the gaming industry, where digital platforms continue to gain traction and redefine the landscape.

E-Games and E-Bingo lead the way:

A key factor behind PAGCOR’s impressive earnings was the continued success of its E-Games and E-Bingo segments, which together contributed over half of the company’s 2024 gaming revenue. PAGCOR’s Chairman and CEO, Alejandro H. Tengco, emphasized that the remarkable growth of the E-Games sector played a central role in this achievement. “The continuous growth of the E-Games sector is the key driver of PAGCOR’s record-breaking performance,” Tengco said, as reported by Manila Bulletin. “It reflects the increasing popularity of digital gaming platforms and the transformative impact of technology on the industry.”

Together, these sectors brought in a substantial PHP 48.79 billion, or 50.03% of the total gaming revenue for the year. This shift towards online and digital gaming platforms reflects a significant transformation in the industry, spurred by technological advancements and changing consumer preferences.

While the digital gaming boom has been a standout performer, traditional gaming operations also remained a cornerstone of PAGCOR’s finances. License fees and gaming operations were responsible for generating PHP 97.52 billion of the total revenue. Licensed casinos accounted for 33.91% of this total, contributing PHP 33.07 billion, while the Casino Filipino venues added a further 12.99%, or PHP 12.67 billion, to the revenue pool. Despite the Philippine Offshore Gaming Operations (POGOs) sector being phased out in December 2024, it still managed to contribute PHP 2.99 billion, or 3.07% of the overall gaming revenue for the year.

Record-breaking net income and contributions to nation-building:

Net income for the year more than doubled from PHP 6.81 billion in 2023 to an impressive PHP 16.76 billion in 2024. This surge in profitability is reflective of the robust operational performance and efficient cost management by PAGCOR. Net operating income reached PHP 84.97 billion, marking a 51% increase compared to the previous year’s PHP 56.38 billion.

As a government-owned entity, PAGCOR plays a vital role in supporting nation-building initiatives. The 2024 revenue spike enabled the corporation to significantly boost its contributions to various national programs. PAGCOR’s contributions to nation-building reached PHP 68.2 billion, a 37.6% increase from the previous year. This included PHP 46.32 billion sent to the National Treasury, a 33.39% rise from 2023. Other key allocations included PHP 4.87 billion in franchise taxes, PHP 1.09 billion in corporate income taxes, and PHP 2.31 billion for the Philippine Sports Commission, which supported athlete incentives and development.

In addition, PAGCOR earmarked PHP 12.37 billion for socio-civic programs under the Office of the President. Host cities of Casino Filipino branches received PHP 698.6 million, while other entities such as the Department of Justice’s Board of Claims and the Renewable Energy Trust Fund were also among the beneficiaries, receiving PHP 178.8 million and PHP 248.01 million, respectively.

The agency’s performance in 2024 is a remarkable turnaround compared to its previous peak in 2019, when PAGCOR generated PHP 81.98 billion before the pandemic. With a comprehensive mix of gaming revenue streams, including E-Games, licensed casinos, and other segments, PAGCOR’s financial success in 2024 signals its resilience and adaptability in a changing market.

Tengco, reflecting on this success, stated, “We are proud to announce that our 2024 financial performance is the best so far in the history of PAGCOR, and we thank our employees and stakeholders for making such achievement possible.”