PAGCOR nets P16.77B despite POGO closure

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The Philippine Amusement and Gaming Corporation posted a net a income of P16.77 billion for 2024, with revenues hitting a record P112 billion.

 PAGCOR said in a statement yesterday its net income — the best in its history– more than doubled from P6.81 billion in 2023.

 Revenues jumped by nearly 41 percent from P79 billion in the previous year, on the back of sustained robust performance of the electronic games (e-games) sector.

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“We are proud to announce that our 2024 financial performance is the best so far in the history of PAGCOR, and we thank our employees and stakeholders for making such achievement possible,” Alejandro H. Tengco, PAGCOR chairman and chief executive officer, said in the statement. 

PAGCOR said prior to this, it was able to surpass the P100-billion revenue mark only once in 2018 at P104.12 billion but this included a one-time sale of property worth P32.71 billion. 

Gaming operations and license fees remained the primary revenue source, contributing P97.52 billion, while other revenue streams including business income and service fees added P14.18 billion.

Tengco attributed the agency’s performance to the e-games and e-bingo sectors which contributed P48.79 billion or 50.03 percent of the 2024 gaming revenues.

 “Continuous growth of the e-games sector is the key driver of PAGCOR’s record-breaking performance,” Tengco said.

“It reflects the increasing popularity of digital gaming platforms and the transformative impact of technology on the industry,” he added. 

Although the Philippine offshore gaming operations (POGO) ceased effective January 1, 2025, following the ban imposed by President Marcos Jr, the sector still contributed P2.99 billion or 3.07 percent to gaming revenues.

 The licensed casino sector chipped in 33.91 percent or P33.07 billion to PAGCOR’s 2024 revenue pie, while the agency’s Casino Filipino venues contributed 12.99 percent or P12.67 billion.

 With bigger revenues, PAGCOR also significantly increased its contributions to state programs by 37.61 percent to P68.2 billion from P49.56 billion in 2023. 

 “Our 2024 revenues allowed us to support more government programs and other nation-building initiatives,” Tengco said.

 Remittances to the National Treasury reached P46.32 billion, higher by 33.39 percent than the 2023 remittance of P34.72 billion.

PAGCOR also remitted P4.87 billion in franchise taxes and P1.09 billion in corporate income taxes to the Bureau of Internal Revenue. 

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