The Philippine Amusement and Gaming Corporation (PAGCOR) reported that the total revenue for 2024 was 112 billion Philippine pesos ($19.2 billion), a 41% increase from the 79 billion Philippine pesos in 2023.
The growth was primarily due to the strong performance of the electronic gaming industry.
Net operating income increased by 51% to 84.97 billion Philippine pesos, while net income (after deducting PAGCOR's contribution of 68.21 billion Philippine pesos to national development) reached 16.77 billion Philippine pesos, more than doubling from 6.81 billion Philippine pesos in 2023.
Alejandro H. Tengco, Chairman and CEO of PAGCOR, attributed this success to the rise of digital gaming platforms, stating, "We are proud to announce that our financial performance in 2024 is the best in PAGCOR's history so far, and we thank our employees and stakeholders for making this achievement possible,
"The continuous growth of the electronic gaming industry is a key driver behind PAGCOR's record-setting performance. It reflects the increasing popularity of digital gaming platforms and the transformative impact of technology on the industry."
Gaming operations and licensing fees remain the main source of revenue, contributing 97.52 billion Philippine pesos, while other sources of income—including commercial and service fees—added 14.18 billion Philippine pesos.
Just the electronic gaming and electronic bingo industries alone contributed 48.79 billion Philippine pesos in revenue, accounting for over 50% of the total gaming revenue.
It is worth noting that this performance surpassed the organization's pre-pandemic record of 81.98 billion Philippine pesos set in 2019.
Meanwhile, licensed casinos contributed 33.07 billion Philippine pesos (33.91%), and PAGCOR-operated Philippine casinos contributed 12.67 billion Philippine pesos (12.99%).
Despite the government's decision to terminate Philippine Offshore Gaming Operators (POGO) by December 2024, the industry still generated 2.99 billion Philippine pesos in revenue before closure.
By increasing revenue, PAGCOR has increased its contributions to national projects, remitting 46.32 billion Philippine pesos to the treasury and 12.37 billion Philippine pesos to social civic programs.
Other beneficiaries include the Philippine Sports Commission (2.31 billion Philippine pesos), cash incentives for Olympic and Paralympic athletes (918.8 million Philippine pesos), and various government agencies supporting local communities.
