The Philippine Amusement and Gaming Corporation (PAGCOR) has announced its net income for the first half of 2024, which amounted to PHP6.56bn (US$0.11bn), an increase of 121.48% from its net income of PHP2.96bn in the same period last year. The update was published on PAGCOR’s official site.
According to the update, total Philippines gross gaming revenue (GGR) has grown to PHP194.743bn, a 19.21% increase year-on-year.
“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,” PAGCOR Chairman and CEO Alejandro Tengco said.
Among the contributors, gaming operations contributed the bulk of revenues at PHP45.39bn. In total, 45.53% came from the online gaming sector, comprising E-Games, E-Bingo and bingo grantees, bringing in a total of PHP20.66bn.
Integrated resorts or licensed casinos contributed PHP16.06bn to PAGCOR’s gaming revenues, a contribution of 35.39% share while PAGCOR-operated casinos under the Casino Filipino brand generated PHP6.93bn, a 15.27% gaming revenue contribution.
“The PHP51.76bn first half revenues put PAGCOR on track to reach or even breach the PHP100bn annual gross revenue threshold this year,” said Tengco.
Integrated resorts and casinos remain one of the biggest drivers of local tourism growth in the Philippines.
