The Philippine gaming regulator reported a 42% increase in revenue for the first quarter of 2024
According to PAGCOR Chairman and CEO Alejandro Tengco, these results position the state-owned company on track to achieve an annual revenue target of 100 billion pesos (around $1.8 billion). If this forecast holds true, it would mark a record high in the organization’s 40-year history.
Net operating income from January to March 2024 reached 18.99 billion pesos (about $330 million), reflecting a year-on-year growth of 54.22%. Gaming operations remain the primary source of revenue for PAGCOR, contributing 22.29 billion pesos (approximately $390 million) in the first quarter. The iGaming sector accounted for 9.69 billion pesos (around $170 million), while licensed casinos generated 8.04 billion pesos (about $140 million).
“We are pleased to announce that PAGCOR has maintained its growth trajectory in the first quarter of 2024, allowing us to aim for another record-breaking year,” Tengco stated. He emphasized the significance of the iGaming sector in boosting gaming revenues, noting that technological advancements will continue to enhance the sector's appeal. Tengco also highlighted that high revenues positively impact government social and civic initiatives, including funding for the Universal Health Program.
Of the total net income for the first quarter of 2024, 15.56 billion pesos (approximately $270 million) will be allocated to government infrastructure projects. This includes funding for local government initiatives, social and civic projects, and sports initiatives.
PAGCOR regulates the gambling industry in the Philippines by issuing licenses, overseeing gaming establishments, and establishing tax obligations. Additionally, the organization operates a network of casinos under the Casino Filipino brand, which generated revenues of 3.7 billion pesos (around $65 million) in the first quarter of 2024.
It is worth noting that the Philippines aims to surpass Singapore and become the second-largest gaming hub in Asia by 2025.
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