PAGCOR’s 2025 earnings tell a clear story: the future of state gaming revenues is increasingly digital, even as traditional casinos lose ground and offshore gaming disappears from the mix.
The Philippine Amusement and Gaming Corporation reported total revenues of P106.03 billion in 2025, down 5.1 percent from P111.72 billion a year earlier. The decline reflected weaker performance from land-based casinos and the removal of offshore gaming, which contributed nearly P3 billion in 2024 but generated nothing in 2025 following the ban.
Gaming revenues slipped to P95.15 billion from P97.53 billion, but the headline numbers mask a sharper structural shift. More than half of gaming revenues, or P53.33 billion, came from electronic and online gaming activities, including eGames, eBingo and bingo grantees.
That segment grew 9.30 percent year on year, cushioning the drop in bricks-and-mortar operations.
PAGCOR-operated casinos saw revenues fall 18 percent to P10.38 billion, while licensed casinos posted P31.44 billion, down 4.9 percent.
Chairman and CEO Alejandro H. Tengco attributed the slide to changing player behavior, with customers increasingly migrating to digital platforms.
“This shift underscores the need for regulators to keep pace with how players engage with online gaming products,” Tengco said, noting that PAGCOR has tightened rules to ensure player protection, transparency and responsible gaming as online offerings expand.
The earnings outcome strengthens the case for a deeper digital push. Despite lower revenues, PAGCOR’s net income rose 4.18 percent to P17.47 billion, suggesting that online gaming’s scalability and lower operating costs can support profitability even in a leaner revenue environment.
PAGCOR’s role as a revenue generator for the state remained substantial. Total contributions to nation-building reached P66.95 billion, with P45.19 billion remitted to the National Treasury. Additional allocations went to sports development, socio-civic programs, host cities and other mandated beneficiaries.
Taken together, the numbers point to a clear lesson from 2025: as player preferences evolve and legacy revenue streams fade, PAGCOR’s financial resilience will increasingly hinge on how effectively it expands and regulates its online gaming ecosystem.
