Anticipated annual income of $1.7 bn

PAGCOR clocks record first quarter income at $433 million with over 40% growth

2024-04-30
Reading time 1:24 min

The Philippine Amusement and Gaming Corporation (PAGCORE) reported a significant increase in income for the first quarter of the year, surpassing ₱25 billion (approximately $433.4 million).

During the first quarter, PAGCOR's income reached ₱25.24 billion, reflecting a substantial 42.6% rise compared to the same period in 2023, when it generated ₱17.70 billion ($306.7 million).

This Q1 income figure stands as PAGCOR's highest ever recorded in a single quarter, surpassing the previous record set in 2019 before the onset of the Covid-19 pandemic, which was ₱19.49 billion ($337.6 million), representing a 29.5% increase.

Going by this momentum, PAGCOR is expected to achieve an annual income exceeding ₱100 billion ($1.7 billion) for the first time in its 40-year history, easily surpassing the ₱79.37 billion ($1.37 billion) generated in 2023.

Net operating income after expenses amounted to ₱19 billion ($329 million), marking a notable 54.2% increase compared to ₱12.32 billion ($213.4 million) in the same quarter last year.

Gaming operations accounted for the majority of PAGCOR's Q1 revenues, totaling ₱22.29 billion ($386 million). Integrated resorts contributed significantly to this figure, generating ₱8.04 billion ($139.2 million) in revenue, representing 36% of the total gaming revenue.

However, while integrated resorts revenue saw an increase, income from PAGCOR-operated casinos decreased during Q1, accumulating ₱3.70 billion ($641 million) in revenue, or 16.6% of the total, down from 20.7% in 2023.

PAGCOR's net operating income includes a substantial contribution of ₱15.56 billion ($269.5 million) to nation-building, including a 50% government share.

The gaming sector, particularly iGaming, played a significant role in PAGCOR's Q1 revenues, contributing 43.5% of the total gaming operations revenue, amounting to ₱9.69 billion ($168 million).

Alejandro Tengco, Chairman and Chief Executive, said: “We are happy to announce that PAGCOR is able to sustain our growth trajectory in the first quarter of 2024 and this should help position us into achieving another record-breaking year.

Our robust earnings also bode well for the government’s various socio-civic programmes including funding for the Universal Healthcare Programme which provides health insurance to millions of poor Filipinos through Philhealth."

The record-breaking Q1 performance comes as PAGCOR gears up to transition to a "purely regulatory" body role, hoping to privatize the casinos it runs. Additionally, 

Leave your comment
Subscribe to our newsletter
Enter your email to receive the latest news
By entering your email address, you agree to Yogonet's Condiciones de uso and Privacy Policies. You understand Yogonet may use your address to send updates and marketing emails. Use the Unsubscribe link in those emails to opt out at any time.
Unsubscribe
EVENTS CALENDAR