The Philippine Amusement and Gaming Corp. reported a robust 23 percent year-on-year growth in net profit to P3.43 billion in the first quarter, a period that saw the electronic games and e-Bingo segment become the main revenue engine of the state-owned casino and gaming regulator.
Bottomline growth during the quarter was propelled by a significant 11 percent rise in revenue to reach P28.07 billion, and 16 percent reduction in operating expenses to P6.21 billion.
In the January-March quarter, PAGCOR saw a shift to electronic games and e-Bingo as its main revenue engine, deriving from the business segment 56 percent of total gaming revenue, equivalent to P14.32 billion.
The growing popularity of e-sports, online gaming, and sports betting, including the ban on Philippine Offshore Gaming Operators, likely contributed to the strong growth of electronic games and e-Bingo.
The licensed casino segment, which used to provide the biggest share of gaming revenue, only contributed around 33 percent, or P8.32 billion, in the first quarter. PAGCOR-operated casinos added P2.88 billion to the total gaming revenue.
Chairman and chief executive officer Alejandro H. Tengco attributed this strong performance to enhanced operational efficiency and strategic reforms within the agency. He said these gains enable PAGCOR to contribute more significantly to nation-building efforts throughout the year.
In line with its commitment to national development, PAGCOR’s total contributions to nation-building during the first quarter amounted to P18.9 billion, a 22 percent increase from the P15.56 billion reported in the same period last year.
PAGCOR said it will continue to focus on innovation and strengthening regulatory oversight to ensure that its revenues continue to benefit the Filipino people through various nation-building and corporate social responsibility programs.
