Key points:
- PAGCOR’s 2024 revenue reached a record PHP112bn, a 41% increase from 2023
- Electronic games sector led revenue generation, contributing 50% of gaming revenues
- Net income more than doubled to PHP16.77bn after PHP68.21bn in contributions to national programs
- Despite the closure of POGOs, PAGCOR increased funding for government initiatives, including sports, social programs and local communities
The Philippine Amusement and Gaming Corporation (PAGCOR) has reported a gross revenue of PHP112bn (US$1.92bn) for 2024, marking a 41% increase from the PHP79bn recorded in 2023.
The growth was primarily driven by the strong performance of the electronic games sector.
Net operating income rose by 51% to PHP84.97bn, while net income – after PAGCOR’s PHP68.21bn contributions to nation-building – reached PHP16.77bn, more than doubling the PHP6.81bn figure from 2023.
PAGCOR Chairman and CEO Alejandro H. Tengco attributed this success to the rise of digital gaming platforms, stating:“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,
“The continuous growth of the E-Games sector is the key driver of PAGCOR’s record-breaking performance. It reflects the increasing popularity of digital gaming platforms and the transformative impact of technology on the industry.”
Gaming operations and licence fees remained the primary revenue streams, contributing PHP97.52bn, while other income sources – including business and service fees – added PHP14.18bn.
The E-Games and E-Bingo sectors alone accounted for PHP48.79bn, representing over 50% of total gaming revenues.
Good to know: This performance surpasses the organisation's pre-pandemic record of PHP81.98bn set in 2019
Meanwhile, licensed casinos contributed PHP33.07bn (33.91%), and PAGCOR-operated Casino Filipino venues added PHP12.67bn (12.99%).
Despite the government’s decision to terminate Philippine Offshore Gaming Operations (POGOs) in December 2024, the sector still generated PHP2.99bn before its closure.
With these increased revenues, PAGCOR boosted its contributions to national programs, remitting PHP46.32bn to the National Treasury and PHP12.37bn to socio-civic initiatives.
Other beneficiaries included the Philippine Sports Commission (PHP2.31bn), cash incentives for Olympic and Paralympic athletes (PHP91.88bn) and various government agencies supporting local communities.
