written and last updated by
Sam Smith at
03 Nov 2023
Journalist, Editorial Department
The Philippine Amusement and Gaming Corp (PAGCOR), the country's gaming regulator and state-run casino operator, has projected an operational revenue of 61.5 billion Philippine pesos (approximately $1.1 billion) for 2024. This forecast was announced during the agency's annual planning conference this week.
Alejandro Tengco, PAGCOR's chairman and CEO, stated that the contribution to national development is expected to reach 56.2 billion pesos (around $1 billion) next year, an increase of 8 billion pesos (about $142 million) compared to this year's investment levels. The rise in contributions is attributed to expectations that PAGCOR will surpass its pre-pandemic revenue levels.
Tengco remarked, "PAGCOR will once again make a significant contribution to national development next year, thanks to the full recovery of the gaming industry and a return to growth that was halted by the pandemic."
According to the projections, PAGCOR will remit 50% of its operational revenue to the national government, amounting to an estimated 37.5 billion pesos (approximately $670 million). An additional 12.1 billion pesos (around $215 million) will be allocated for funding social and civic projects, including the construction of educational and community wellness centers. Other allocations include 451 million pesos (about $8 million) for cities hosting PAGCOR gaming establishments.
Tengco also announced that the regulator will launch "new flagship social and civic projects" in January, prioritizing remote communities in the Visayas and Mindanao regions.
Earlier, PAGCOR reported a net income of nearly 4.86 billion pesos (around $86 million) for the first nine months of 2023, with revenues reaching 55.95 billion pesos (approximately $1 billion), marking a 32.4% increase year-on-year.
In related news, construction has begun on the Grand Island Casino Resort in Nebraska, with an investment of $100 million.
