The Philippine Amusement and Gaming Corporation (PAGCOR) has reported a substantial increase in its net income for the first half of 2024, amounting to PHP6.56 billion (US$0.11 billion). This figure represents a remarkable 121.48% growth compared to the PHP2.96 billion net income recorded in the same period last year. The update, published on PAGCOR’s official site, highlights the corporation’s impressive financial performance amid a robust gaming sector recovery.

PAGCOR Reports Significant Net Income Growth in H1 2024

Surge in Gross Gaming Revenue

PAGCOR’s total gross gaming revenue (GGR) for the Philippines reached PHP194.743 billion, marking a 19.21% year-on-year increase. This surge underscores the resilience and upward trajectory of the gaming industry in the country.

Record Remittances to the Treasury

“We were able to remit PHP31.82 billion in CNB to the Treasury in the first six months compared to PHP22.62 billion in the same period last year,” stated PAGCOR Chairman and CEO Alejandro Tengco. This significant contribution reflects PAGCOR’s commitment to supporting national economic goals.

Breakdown of Revenue Contributors

• Gaming Operations: The largest contributor, gaming operations, generated PHP45.39 billion in revenues.
• Online Gaming Sector: Online gaming, encompassing E-Games, E-Bingo, and bingo grantees, contributed PHP20.66 billion, accounting for 45.53% of the total revenue.
• Integrated Resorts/Licensed Casinos: These entities added PHP16.06 billion to PAGCOR’s gaming revenues, representing a 35.39% share.
• PAGCOR-Operated Casinos: Under the Casino Filipino brand, these casinos produced PHP6.93 billion, contributing 15.27% to the total gaming revenue.

Outlook for the Future

“The PHP51.76 billion first half revenues put PAGCOR on track to reach or even breach the PHP100 billion annual gross revenue threshold this year,” added Tengco. This optimistic forecast points to sustained growth and potential new milestones for PAGCOR in the coming months.

The financial success of PAGCOR in the first half of 2024 illustrates the vibrant state of the gaming industry in the Philippines. With strategic management and diversified revenue streams, PAGCOR is well-positioned to achieve its ambitious targets and continue its pivotal role in the national economy.

Conclusion: The Financial Performance

PAGCOR’s impressive financial performance in H1 2024, driven by robust gaming revenue growth and substantial remittances to the Treasury, highlights its critical contribution to the Philippine economy. The corporation’s diverse revenue streams and optimistic future outlook signal continued success and expansion in the gaming sector.

FAQs About PAGCOR’s Financial Performance in H1 2024

1. What is PAGCOR’s net income for the first half of 2024?

PAGCOR’s net income for the first half of 2024 is PHP6.56 billion (US$0.11 billion), a 121.48% increase from PHP2.96 billion in the same period last year.

2. How much did PAGCOR’s total gross gaming revenue (GGR) increase year-on-year?

PAGCOR’s total GGR increased by 19.21% year-on-year, reaching PHP194.743 billion.

3. How much did PAGCOR remit to the Treasury in the first half of 2024?

PAGCOR remitted PHP31.82 billion to the Treasury in the first half of 2024, compared to PHP22.62 billion in the same period last year.

4. What were the primary contributors to PAGCOR’s revenue in the first half of 2024?

• Gaming Operations: PHP45.39 billion
• Online Gaming Sector: PHP20.66 billion (45.53% of total revenue)
• Integrated Resorts/Licensed Casinos: PHP16.06 billion (35.39% of total revenue)
• PAGCOR-Operated Casinos (Casino Filipino brand): PHP6.93 billion (15.27% of total revenue)

5. What is the projected annual gross revenue for PAGCOR in 2024?

PAGCOR is on track to reach or even exceed PHP100 billion in annual gross revenue for 2024.

6. Who is the Chairman and CEO of PAGCOR?

The Chairman and CEO of PAGCOR is Alejandro Tengco.

7. What impact does PAGCOR’s financial performance have on the national economy?

PAGCOR’s financial performance significantly contributes to the national economy through substantial remittances to the Treasury and robust gaming revenue growth.

8. How does PAGCOR’s financial success in H1 2024 compare to the previous year?

PAGCOR’s financial success in H1 2024 shows a significant improvement, with net income increasing by 121.48% and GGR growing by 19.21% compared to the same period last year.