The Philippine Amusement and Gaming Corp. (Pagcor) yesterday said its total income in the first quarter of 2024 increased by 42.57 percent versus its year ago level.
The state gaming firm’s three-month earnings of P25.24 billion puts it on track to reach the P100 billion annual income for the year, according to Pagcor chairman and chief executive officer Alejandro Tengco.
“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,” Tengco said.
Pagcor’s net operating income after expenses during the quarter stands at P18.99 billion, 54.22 percent higher than the January to March 2023 figure of P12.32 billion.
Gaming operations accounted for the bulk of the first quarter revenues at P22.29 billion.
Of this amount, 43.46 percent or P9.69 billion came from the E-Games sector (eBingo, eGames and Bingo grantees) while licensed casinos (integrated resorts) brought in P8.04 billion (36.06 percent).
However, revenues from Pagcor-run casinos under the Casino Filipino brand continued to slide, earning P3.7 billion or 16.62 percent of the first quarter total.
This is down from the 20.68 percent share it contributed to Pagcor’s revenues in 2023.
Offshore gaming operations, for its part, contributed P860.89 million or 3.86 percent of the 2024 first quarter total gaming income.
“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,” Tengco said.
