PAGCOR revenues hit new record high of US$ 1.9B in 2024

Net operating income was at Php84.97 billion, or 51% higher than the year-ago level of Php56.38 billion, while net income after deducting its Php68.21 billion contributions to nation building was at Php16.77 billion.

“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,” PAGCOR Chairman and CEO Alejandro H. Tengco said.

Prior to 2024, the highest gross operating revenue on record for PAGCOR was in 2019 – before the pandemic outbreak – when the state gaming firm generated Php81.98 billion.

Gaming operations and license fees remained the primary revenue sources, contributing Php97.52 billion, while other revenue streams including business income and service fees added Php14.18 billion.

Net income more than doubled from Php6.81 billion in 2023 to Php16.77 billion in 2024.

Mr. Tengco attributed the agency’s remarkable financial performance to the E-Games and E-Bingo sectors which contributed Php48.79 billion or 50.03% of the 2024 gaming revenues.

“The continuous growth of the E-Games sector is the key driver of PAGCOR’s record-breaking performance,” Mr. Tengco said. “It reflects the increasing popularity of digital gaming platforms and the transformative impact of technology on the industry.”

The licensed casino sector chipped in 33.91% or Php33.07 billion to PAGCOR’s 2024 revenue pie while the agency’s Casino Filipino venues contributed 12.99% or Php12.67 billion.

Although the Philippine Offshore Gaming Operations (POGOs) ceased in December 2024 on orders of the President, the sector still contributed Php2.99 billion, or 3.07%, to gaming revenues.

With bigger revenues, PAGCOR also significantly increased its contributions to nation building (CNB) by 37.61% to Php68.20 billion from Php49.56 billion in 2023.

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

Remittances to the National Treasury reached Php46.32 billion which was 33.39% higher than the 2023 remittance of Php34.72 billion.

PAGCOR also remitted Php4.87 billion in franchise taxes and Php1.09 billion in corporate income taxes to the Bureau of Internal Revenue.

The Philippine Sports Commission received Php2.31 billion, while Php91.88 million was allocated as cash incentives for athletes and coaches who won in international competitions including the 2024 Paris Olympic and Paralympic Games.

PAGCOR also released Php12.37 billion to fund socio-civic programs under the Office of the President.

Other mandated beneficiaries of PAGCOR’s 2024 revenues included cities hosting Casino Filipino branches which received Php698.60 million; the Board of Claims under the Department of Justice which was allocated Php178.80 million; and the Renewable Energy Trust Fund, which received Php248.01 million.

PAGCOR had surpassed the Php100 billion revenue mark only once, in 2018, when it recorded Php104.12 billion but it included a one-time sale of property worth Php32.71 billion.