written and last updated by
Sam Smith at
29 Oct 2024
Journalist, Editorial Department
The Philippine gaming regulator, PAGCOR, has released its financial results for the first nine months of 2024. As of September 30, net profit reached 9.63 billion pesos (approximately $16 million), marking a staggering 98.1% increase compared to the previous year.
Total revenue for the period surged by 42% from 2023, amounting to 79.43 billion pesos ($132.3 million). Revenue from gaming operations rose by 35.3%, totaling 69.88 billion pesos ($116.4 million). Specifically, the third quarter alone accounted for 24.49 billion pesos ($40.8 million).
Alejandro Tengco, Chairman and CEO of PAGCOR, attributed the impressive results to the robust performance of the iGaming sector. He noted that this segment contributed 28.22 billion pesos (nearly $47 million), or 35.52% of the total gaming revenue. Licensed casinos followed closely, contributing 24.5 billion pesos ($40.8 million), or 30.84%.
"Our third-quarter results clearly demonstrate that we are still on track to achieve our revenue target of 100 billion pesos ($166.5 million) by the end of the year," Tengco stated.
The regulator's report indicated that operating expenses for the first nine months of 2024 increased by 29.5% year-on-year, reaching 24.41 billion pesos ($40.7 million). By the end of the first three quarters, PAGCOR had contributed a total of 44.97 billion pesos ($74.9 million) to government funds. Under Philippine law, the regulator is required to remit at least half of its annual gross income to the national treasury.
PAGCOR anticipates that the country's gaming industry will generate 336.38 billion pesos ($560.2 million) in gross gaming revenue for 2024. If these projections hold true, this figure would exceed the 2023 results by 17.9%.
Meanwhile, the Philippines is set to reduce the fees for gaming licenses.
