THE Philippine Amusement and Gaming Corp. (Pagcor) recorded a 121.48 percent increase in net income in the first half of the year amid strong revenues driven by the online gaming sector.
In a statement yesterday, Pagcor said its net income stood at P6.56 billion in the first semester from P2.96 billion in the same period in 2023.
Driving Pagcor’s income growth is the robust increase in gross revenues totaling P51.76 billion, up 42.92 percent from P36.21 billion for the same period in 2023.
Gaming operations contributed bulk of revenues at P45.39 billion, nearly half of which came from the online gaming sector, comprised of e-games, e-bingo and bingo grantees.
Online gaming brought in P20.66 billion.
Integrated resorts or licensed casinos chipped in P16.06 billion to gaming revenues, while Pagcor-operated casinos under the Casino Filipino brand generated P6.93 billion.
Alejandro Tengco, Pagcor chairman and chief executive officer, said the first half revenues put the gaming regulator on track to reach or even breach the P100 -billion annual gross revenue threshold this year.
“Given the phenomenal revenue increase in the e-games sector, and with more players and investors signifying their intent to enter the Philippine market, we are confident 2024 will be truly a banner year for Pagcor,” he said.
Meanwhile, total Philippine gaming industry gross gaming revenue (GGR) grew 19.21 percent to P194.743 billion from the P163.36 billion GGR in the first semester of 2023.
Tengco said licensed casinos are still the biggest contributors during the first half, generating P99.16 billion.
The most significant GGR growth driver in the first semester is the e-games sector with its P63.01 billion revenues, more than triple the January to June 2023 figure of P20.43 billion, underscoring the sector’s unprecedented performance which Pagcor said is domestic-driven.
Pagcor-operated casinos posted P8.89 billion in GGR which is down 11.6 percent from its 2023 first half GGR share of P10.06 billion.
“Pagcor’s robust net income growth translates of course to a larger contribution to nation building (CNB). We were able to remit P31.82 billion in CNB to the Treasury in the first six months compared to P22.62 billion in the same period last year,” Tengco said.
