PAGCOR Hits Record PHP112B Revenue in 2024

PAGCOR has set a new revenue record, generating PHP112 billion (US$1.92 billion) in 2024, marking a 41% increase from 2023.

The electronic games sector emerged as the primary revenue driver, contributing PHP48.79 billion, or 50% of total gaming revenues.

Despite the shutdown of POGOs, PAGCOR boosted funding for government programs, social initiatives, and sports development.

Discover how PAGCOR’s digital transformation is reshaping the Philippine gaming industry and driving unprecedented economic contributions.

PAGCOR Achieves Record PHP112B Revenue in 2024, Led by E-Games Boom

3 Key Points:

1. PAGCOR’s Revenue Surges: PAGCOR’s PHP112 billion revenue in 2024 represents its strongest financial performance in history, up 41% from 2023.
2. E-Games Lead the Growth: The electronic gaming sector generated PHP48.79 billion, surpassing all other segments, including land-based casinos.
3. Increased National Contributions: PAGCOR remitted PHP68.21 billion to national programs, including sports funding, social welfare, and local government support.

The Philippine Amusement and Gaming Corporation (PAGCOR) has reported its best financial performance in history, achieving PHP112 billion (US$1.92 billion) in gross revenue for 2024. This marks a 41% increase from the PHP79 billion recorded in 2023, showcasing the strength of the Philippine gaming sector despite regulatory shifts.

The E-Games and E-Bingo sectors fueled this growth, contributing PHP48.79 billion, which accounted for 50% of total gaming revenues. This reflects the surging popularity of digital gaming platforms in the country.

According to PAGCOR Chairman and CEO Alejandro H. Tengco, the organization’s strategic shift toward digital gaming played a crucial role in this record-breaking performance:
“The continuous growth of the E-Games sector is the key driver of PAGCOR’s record-breaking performance. It reflects the increasing popularity of digital gaming platforms and the transformative impact of technology on the industry.”

Breakdown of PAGCOR’s Revenue Streams

PAGCOR’s total revenue came from several key gaming segments:

• E-Games & E-Bingo: PHP48.79 billion (50%)
• Licensed Casinos: PHP33.07 billion (33.91%)
• Casino Filipino (PAGCOR-operated venues): PHP12.67 billion (12.99%)
• Philippine Offshore Gaming Operators (POGOs): PHP2.99 billion (prior to closure)
• Other income sources (business & service fees): PHP14.18 billion

Despite the government’s decision to end POGO operations in December 2024, PAGCOR’s revenue surpassed pre-pandemic levels, exceeding the PHP81.98 billion record set in 2019.

Massive National Contributions and Social Investments

PAGCOR’s net income soared to PHP16.77 billion, more than doubling from PHP6.81 billion in 2023, after remitting PHP68.21 billion to nation-building initiatives. These contributions included:

• PHP46.32 billion to the National Treasury.
• PHP12.37 billion for socio-civic initiatives.
• PHP2.31 billion to the Philippine Sports Commission (PSC).
• PHP91.88 million in cash incentives for Olympic and Paralympic athletes.

Tengco reaffirmed PAGCOR’s commitment to social responsibility, stating that these contributions will continue supporting national development programs.

A New Era for Philippine Gaming

PAGCOR’s record-breaking PHP112 billion revenue underscores the rapid transformation of the Philippine gaming landscape, particularly through E-Games and digital platforms. Despite regulatory challenges, the industry has surpassed pre-pandemic earnings, proving its resilience and economic significance.

With continued investments in responsible gaming, social programs, and sports development, PAGCOR is set to maintain its upward trajectory. As digital gaming adoption grows, the Philippine gaming industry is poised for sustained expansion and innovation in the years ahead.

The post PAGCOR Hits Record PHP112B Revenue in 2024 appeared first on Gamingo News.

PAGCOR has set a new revenue record, generating PHP112 billion (US$1.92 billion) in 2024, marking a 41% increase from 2023. The electronic games sector emerged as the primary revenue driver, contributing PHP48.79 billion, or 50% of total gaming revenues. Despite the shutdown of POGOs, PAGCOR boosted funding for government programs, social initiatives, and sports development.
The post PAGCOR Hits Record PHP112B Revenue in 2024 appeared first on Gamingo News.