PAGCOR revenues hit record P112B in 2024

The Philippine Amusement and Gaming Corp. (PAGCOR) posted record revenues and more than doubled its net income in 2024, mainly driven by the sustained growth of the electronic games sector during the period.
PAGCOR said it grew its revenues by nearly 41% to hit a record P112 billion from P97 billion the previous year, surpassing the previous high of P81.98 billion recorded in 2019.
This brought the agency’s net operating income up 51% to P84.97 billion while its net income, which removes the P68.21-billion contributions to nation-building, more than doubled to P16.76 billion from P6.81 billion in 2023.
Gaming operations and license fees contributed P97.52 billion to the agency’s revenues, while other streams which include business income and service fees added P14.18 billion.
The electronic games and electronic bingo sectors contributed P48.79 billion or 50.03% of the gaming revenues for the year. The licensed casino sector accounted for P33.07 billion or 33.91%, while Casino Filipino venues contributed 12.99% or P12.67 billion.
“The continuous growth of the E-Games sector is the key driver of PAGCOR’s record-breaking performance,” PAGCOR chairman and chief executive officer Alejandro Tengco said in an emailed statement.
“It reflects the increasing popularity of digital gaming platforms and the transformative impact of technology on the industry,” he added.
Under its mandate, PAGCOR is required to regulate the gaming industry, generate revenues for the Philippine government's socio-civic and national development programs, and help promote the tourism industry.
PAGCOR remittances to the National Treasury were recorded at P46.32 billion in 2024, reflecting a 33.39% growth from the P34.72 billion in 2023. It also remitted P4.87 billion in franchise taxes, and P1.09 billion in corporate income taxes to the Bureau of Internal Revenue (BIR).
Aside from this, PAGCOR remitted P2.31 billion to the Philippine Sports Commission, with P91.88 million going to cash incentives for athletes and coaches who won in international competitions such as the 2024 Paris Olympic and Paralympic Games.
PAGCOR said P12.37 billion went to socio-civic programs under the Office of the President (OP), P698.60 million to cities hosting Casino Filipino branches, P178.80 million to the Board of Claims under the Department of Justice (DOJ), and P248.01 million to the Renewable Energy Trust Fund.
The agency in 2023 announced plans to privatize self-operated casinos moving forward, and instead focus on a purely regulatory role. It expects to raise at least P60 billion to P80 billion from such plans.
It targets to divest from casino operations in the next five years, during which it also expects one integrated resort to open each year.—LDF, GMA Integrated News