The Philippine Amusement and Gaming Corporation (PAGCOR) today said its revenues hit a new record high of P112 billion in 2024, nearly 41% more than the P79 billion in the previous year, due to the sustained robust performance of the Electronic Games Sector.
Net operating income was at P84.97 billion, or 51% higher than the year-ago level of P56.38 billion, while net income after deducting its P68.21 billion contributions to nation-building was at P16.77 billion.
“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,” PAGCOR chairman and CEO Alejandro H. Tengco said.
Prior to 2024, PAGCOR’s highest gross operating revenue on record was in 2019, before the pandemic outbreak, when the state gaming firm generated P81.98 billion.
Gaming operations and license fees remained the primary revenue sources, contributing Php97.52 billion, while other revenue streams, including business income and service fees, added Php14.18 billion.
Net income doubled from P6.81 billion in 2023 to P16.76 billion in 2024.
Tengco attributed the agency’s remarkable financial performance to the E-Games and E-Bingo sectors, contributing to P48.79 billion or 50.03% of the 2024 gaming revenues.
“The continuous growth of the E-Games sector is the key driver of PAGCOR’s record-breaking performance,” Tengco said. “It reflects the increasing popularity of digital gaming platforms and the transformative impact of technology on the industry.”
The licensed casino sector chipped 33.91% or P33.07 billion to PAGCOR’s 2024 revenue pie while the agency’s Casino Filipino venues contributed 12.99% or P12.67 billion.
Although the Philippine Offshore Gaming Operations (POGOs) ceased in December 2024 on the President’s orders, the sector still contributed P2.99 billion, or 3.07%, to gaming revenues.
With bigger revenues, PAGCOR also significantly increased its contributions to nation-building (CNB) by 37.61% to P68.20 billion from P49.56 billion in 2023.
“Our 2024 revenues allowed us to support more government programs and other nation-building initiatives,” Tengco said.
Remittances to the National Treasury reached P46.32 billion, 33.39% higher than the 2023 remittance of P34.72 billion.
PAGCOR also remitted Php4.87 billion in franchise taxes and P1.09 billion in corporate income taxes to the Bureau of Internal Revenue.
The Philippine Sports Commission received P2.31 billion, while Php91.88 million was allocated as cash incentives for athletes and coaches who won in international competitions including the 2024 Paris Olympic and Paralympic Games.
PAGCOR also released P12.37 billion to fund socio-civic programs under the Office of the President.