The Philippine Amusement and Gaming Corporation has published its financial results for the first half of 2024, declaring a net income increase of over 120 per cent year-over-year.
Commenting on the figures, Alejandro Tengco, CEO and Chair of PAGCOR, expressed confidence that the annual growth so far indicates that 2024 will be “a banner year” for the market.
For H1 2024, PAGCOR’s net income came in at Php6.56bn (€102.8m), up by 121.48 per cent in comparison to the Php2.96bn reported during the same period the previous year.
Total gross gaming revenue for the Philippines’ gaming industry rose as well by 19.21 per cent to Php194.74bn (H1 2023: Php163.36bn).
PAGCOR noted in a statement on their website that Tengco believes “reforms and enhanced regulations being implemented under the new administration” have contributed to the growth seen in H1.
The CEO said: “PAGCOR’s robust net income growth translates, of course, to a larger Contribution to Nation-Building. We were able to remit Php31.82bn in CNB to the Treasury in the first six months compared to Php22.62bn in the same period last year.”
The gaming corporation stated that gross revenue was up by 42.92 per cent YoY to Php51.76bn (2023: Php36.21bn), with gaming operations consisting of Php45.39bn.
Breaking down the gaming revenue, online gaming (e-games, e-bingo and bingo grantees) had the biggest share at 45.53 per cent with Php20.66bn. Integrated resorts or licensed casinos were next with Php16.06bn (35.39 per cent), followed by PAGCOR-operated casinos under the Casino Filipino brand with Php6.93bn (15.27 per cent).
Tengco added: “Given the phenomenal revenue increase in the e-games sector and with more players and investors signifying their intent to enter the Philippine market, we are confident that the year 2024 will be truly a banner year for PAGCOR.”
In terms of GGR, licensed casinos had the biggest share with Php99.16bn, while e-games generated Php63.01bn, which is over triple the amount reported for the segment in H1 2023 (Php20.43bn).
Meanwhile, PAGCOR-operated casinos GGR fell by 11.6 per cent YoY to Php8.89bn (H1 2023: Php10.06bn).
