THE Philippine Amusement and Gaming Corp. (PAGCOR) said its net income doubled in the first half of the year, driven by an increase in gross revenues.
In a statement on Sunday, the state gaming regulator reported that its net income from January to June climbed by 121.48% to P6.56 billion from P2.96 billion a year earlier.
“We were able to remit P31.82 billion to the Treasury in the first six months, compared to P22.62 billion in the same period last year,” PAGCOR chairman and chief executive officer Alejandro H. Tengco said.
PAGCOR said its doubled income growth could be attributed to its gross revenues in the first six months of the year, which increased by 42.92% to P51.76 billion from P36.21 billion in the same period last year.
This puts the state gaming regulator “on track” to surpass the P100-billion annual gross revenue threshold this year, it said.
PAGCOR said that gaming operations accounted for the majority of revenues, totaling P45.39 billion.
Around 45.53% or P20.66 billion came from the online gaming sector, namely, electronic games (e-Games), electronic bingo (e-Bingo), and bingo grantees.
“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,” Mr. Tengco said.
Integrated resorts or licensed casinos accounted for 35.44% or P16.06 billion to PAGCOR’s gaming revenues, it said. PAGCOR-operated casinos under the Casino Filipino brand generated P6.93 billion, contributing 15.27% to gaming revenue.
The Philippine gaming industry’s total gross gaming revenue (GGR) jumped 19.21% to P194.74 billion from P163.36 billion in the first half of 2023.
Licensed casinos were the biggest contributors to GGR in the first semester of the year, generating P99.16 billion.
This was followed by e-Games at P63.01 billion in revenues in the first half of 2024, which doubled (208.42%) from P20.43 billion a year ago.
On the other hand, GGR from PAGCOR-operated casinos declined by 11.6% to P8.89 billion from P10.06 billion in the first half of 2023.
Under PAGCOR’s Charter and other governing laws, 5% of its winnings goes to the Bureau of Internal Revenue as franchise tax, while 50% of the remaining 95% goes to the National Treasury as the government’s mandated income share.
PAGCOR generates revenues from its gaming operations to support the government’s development projects. It also serves as a gaming regulator to help prevent the proliferation of illegal gambling in the country. — Beatriz Marie D. Cruz
