The Philippine Amusement and Gaming Corporation booked a net income of P6.81 billion in 2023, up 53 percent from the previous year, aided by a surge in revenue due to stronger results from licensed casinos and electronic games.
PAGCOR, the state-owned gaming firm, said total revenue last year soared 35 percent to P79.37 bilion. Gaming operations remain the main source of PAGCOR revenues, contributing P73.11 billion while other sources such as services, business income, gains and non-operating income accounted for P6.26 billion.
Alejando Tengco, chairman and chief executive officer of PAGCOR, said the higher earnings enabled the state gaming firm to increase its contribution to nation-building to P49.56 billion, up 43 percent from 2022.
“Our robust revenue generation in 2023 allowed us to remit more funds to the government to finance various services, including funding for the Universal Health Care program, also known as Philhealth,” he said.
Tengco said it remitted a total P34.72 billion to the National Treasury, with half that amount earmarked for Philhealth to provide free health care coverage to millions of poor Filipinos.
“With the Philippine gaming industry’s full recovery from the impact of the pandemic, we are optimistic that PAGCOR will sustain this growth momentum in the coming years,” Tengco said.
The biggest revenue drivers for PAGCOR last year were the licensed casinos in the country’s integrated resorts which contributed P33.18 billion while e-Games sector which includes e-bingos, e-games, specialty games and sports betting added P21.66 billion.
PAGCOR-run casinos chipped in P15.12 billion.
