PAGCOR Q1 earnings rise 11.2% YoY to $503 million, driven by electronic games and e‑bingo

The Philippine Amusement and Gaming Corporation (PAGCOR) posted PHP28 billion (USD502.9 million) in earnings for the first quarter of 2025, up 11.2% year-on-year. This is 4.45% higher than the government target of PHP26.88 billion (USD483.5 million).

Gaming operations and license fees generated PHP25.53 billion (USD458.9 million), or 91% of the total. Business income and service fees accounted for the remaining 9%. Expenses dropped 15.5% to PHP6.22 billion (USD111.9 million) from PHP7.36 billion (USD132.3 million) a year ago. Net income climbed 23% to PHP4.22 billion (USD75.9 million).

Electronic games and e-bingo brought in PHP14.32 billion (USD257.6 million), accounting for 56% of total gaming revenue. PAGCOR-operated and licensed casinos contributed PHP11.2 billion (USD201.4 million), or 44%.

PAGCOR Chairman and CEO Alejandro H. Tengco said the strong results reflect “responsible governance and fiscal discipline.” He also noted that the agency’s nation-building contributions grew 21.5% year on year to PHP18.9 billion.

On April 30, PAGCOR announced the upcoming release of a new regulatory framework requiring direct accreditation of third-party providers, including payment processors, marketing firms, KYC solution providers, and testing laboratories.

This is part of a broader reform of the country’s gaming sector — the third-largest contributor to national revenue after the Bureau of Internal Revenue and the Bureau of Customs.

In 2024, President Ferdinand Marcos banned Philippine Offshore Gaming Operations (POGOs) due to widespread criminal allegations. The country was also removed from the Financial Action Task Force (FATF) grey list in February after strengthening its financial security systems.

PAGCOR said it is continuing plans to divest its casino operations. The sale of 45 venues, including nine under the Casino Filipino brand, is expected to raise PHP50 billion (USD899.5 million). The sell-off, originally planned for 2025, is now set for completion in 2026.