State-owned Philippine Amusement and Gaming Corp. (PAGCOR) reported a record-breaking P112 billion in revenues for 2024, a 41 percent increase from the previous year’s P79 billion.
Last year’s strong performance was driven largely by the continued success of the Electronic Games (E-Games) sector, which accounted for a significant portion of the gaming agency’s earnings.
PAGCOR’s net operating income also surged 51 percent to reach P84.97 billion. After fulfilling its mandated contributions to nation-building, totaling P68.21 billion, the state-owned company reported a net income of P16.77 billion, more than double the P6.81 billion recorded in 2023.
“We are proud to announce that our 2024 financial performance is the best so far in the history of PAGCOR,” said chairman and chief executive officer Alejandro H. Tengco. “This achievement is a testament to the dedication of our employees and stakeholders.”
Prior to 2024, PAGCOR’s highest revenue was in 2019, when it posted P81.98 billion before the onset of the COVID-19 pandemic. Gaming operations and license fees remained the dominant revenue source, contributing P97.52 billion, while business income and service fees added another P14.18 billion.
The continued growth of the E-Games and E-Bingo sectors, which together contributed P48.79 billion or half the total gaming revenue, were key drivers of the record performance. “The increasing popularity of digital gaming platforms and technological advancements are transforming the industry,” Tengco noted.
While the Philippine Offshore Gaming Operators (POGOs) were shut down in December 2024, they still contributed P2.99 billion, or 3.1 percent, to PAGCOR’s overall revenue for the year.
Alongside its strong financial performance, PAGCOR significantly increased its contributions to nation-building programs included P46.32 billion remitted to the National Treasury, P4.87 billion in franchise taxes, and P1.09 billion in corporate income taxes.
Other beneficiaries included the Philippine Sports Commission, which received P2.31 billion, and socio-civic programs under the Office of the President, which received P12.37 billion. PAGCOR also allocated P698.60 million to cities hosting its Casino Filipino branches and P248.01 million to the Renewable Energy Trust Fund.
Despite surpassing the P100 billion mark only once before in 2018, PAGCOR’s continued growth signals a bright future for the agency as it supports national development through its expanding revenue base.
