The rapid evolution of the gaming industry fueled a sharp rise in earnings for the state-run Philippine Amusement and Gaming Corp., as surging revenues from electronic gaming more than offset earnings lost due to the government’s decision to ban Philippine Offshore Gaming Operations (POGOs).
PAGCOR posted a record-high gross gaming revenue (GGR) of P372.33 billion in 2024—a 31 percent increase from P285.27 billion in 2023. The figure excludes POGO revenues, which still reached P38.14 billion prior to the full implementation of the ban. Had POGO earnings been included, the total GGR would have reached P410.47 billion.
PAGCOR Chairman and CEO Alejandro H. Tengco said land-based casinos remained the industry’s primary growth engine last year, contributing P201.83 billion or 52 percent of total GGR.
“This performance underscores the crucial role of licensed casinos in sustaining the growth momentum of the gaming industry,” he said, noting that gaming revenues help fund vital government socio-civic programs.
But the landscape is changing.
The E-Games and E-Bingo segment experienced explosive growth in 2024, with GGR jumping to P154.51 billion from just P58.16 billion in 2023—largely driven by the rise of sports betting and other digital formats. The segment now represents more than 41 percent of total GGR, a trend that could reshape the sector in 2025.
“This significant leap shows that the industry is evolving fast,” Tengco noted. “PAGCOR is committed to keeping pace with innovation while promoting responsible gaming.”
Meanwhile, PAGCOR-operated casinos added P15.97 billion or 4.3 percent to the GGR.
The robust gaming performance lifted PAGCOR’s overall revenues by 41 percent to P111.71 billion. Net income soared by 146 percent to P16.76 billion, half of which—or P8.45 billion—was remitted as cash dividends to the national government, raising total government contributions to P76.66 billion.
“With a bigger GGR base, we’re looking at a stronger multiplier effect—more jobs, more investments, and more public funds,” said Tengco. “The industry isn’t just growing—it’s evolving.”
