The Philippine Amusement and Gaming Corporation has stated that its income in the first quarter of 2024 has improved by over 42 per cent in comparison to the same period last year.
In addition, Chair and CEO Alejandro H Tengco noted that the corporation is currently on track to reach Php100bn (€1.61bn) in annual income for the first time in its 40-year history.
Publishing its Q1 results, PAGCOR declared a total income of Php25.24bn (€407.5m), a 42.57 per cent increase year-over-year, with gaming operations achieving revenues of Php22.29bn.
The Q1 revenue figure has also surpassed the corporation’s previous earnings record of Php19.49bn set in Q1 2019 by nearly 30 per cent.
Net income after expenses for Q1 stood at Php18.99bn, a 54.22 per cent improvement on the previous year’s Php12.32bn.
Commenting on the results, Tengco said: “We are happy to announce that PAGCOR is able to sustain our growth trajectory in the first quarter of 2024 and this should help position us into achieving another record-breaking year.”
PAGCOR declared that e-games – eBingo, eGames and Bingo grantees – earned Php9.69bn, a 43.46 per cent share of the total gaming revenue reported in Q1, while licensed casinos earned Php8.04bn, a 36.06 per cent share of the total gaming revenue recorded during the quarter.
Revenue from PAGCOR casinos under the Casino Filipino brand stood at Php3.7bn, a 16.62 per cent share of the total gaming revenue declared for Q1. This percentage is down from the 20.68 per cent share in 2023. Offshore gaming operations contributed Php860.89m, a 3.86 per cent share of the quarter’s total gaming income.
Tengco added: “As we said earlier, 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.
“Our robust earnings also bode well for the government’s various socio-civic programs including funding for the Universal Healthcare Program which provides health insurance to millions of poor Filipinos through Philhealth.”
PAGCOR noted that Php15.56bn of its net income during Q1 will go to its Contributions to Nation-Building, including the five per cent franchise tax; 50 per cent government share; shares for LGUs hosting PAGCOR casinos; other socio-civic projects; five per cent share of the Philippine Sports Commission; funding for the Sports Incentives and Benefits Act; and one per cent share of the Board of Claims to compensate persons who are wrongfully convicted.