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PAGCOR reports record-high earnings of €1.8B in 2024, driven by E-Games growth
Jenny Ortiz
January 30, 2025
The Philippine Amusement and Gaming Corporation (PAGCOR) has reported a record-high revenue of PHP112 billion (€1.84 billion) in 2024, marking a 41 percent increase from PHP79 billion (€1.3 billion) in the previous year. According to PAGCOR, this growth was primarily driven by the strong performance of the Electronic Games (E-Games) sector.
Net operating income reached PHP84.97 billion (€1.4 billion), a 51 percent rise from PHP56.38 billion (€927.5 million) in 2023. After deducting PHP68.21 billion (€1.2 billion) in contributions to national projects, PAGCOR’s net income stood at PHP16.77 billion (€275.9 million).
“We are proud to announce that our 2024 financial performance is the best so far in the history of PAGCOR, and we thank our employees and stakeholders for making such achievement possible,” Alejandro Tengco, PAGCOR Chairman and CEO, said in a statement.
The previous highest gross operating revenue for PAGCOR was recorded in 2019, before the pandemic, at PHP81.98 billion (€1.34 billion).
E-Games and licensed casinos drive revenue surge
Gaming operations and licence fees remained the largest contributors to PAGCOR’s earnings, accounting for PHP97.52 billion (€1.6 billion). Other income sources, including business income and service fees, brought in PHP14.18 billion (€233.3 million).
The E-Games and E-Bingo sectors played a crucial role in the agency’s financial success, contributing PHP48.79 billion (€802.6 million) or 50.03 percent of total gaming revenues.
“The continuous growth of the E-Games sector is the key driver of PAGCOR’s record-breaking performance,” Tengco said. “It reflects the increasing popularity of digital gaming platforms and the transformative impact of technology on the industry.”
Licensed casinos contributed PHP33.07 billion (€544 million) or 33.91 percent of total revenues, while Casino Filipino venues generated PHP12.67 billion (€208.4 million) or 12.99 percent.
Despite the cessation of Philippine Offshore Gaming Operations (POGOs) in December 2024, the sector still contributed PHP2.99 billion (€49.2 million), or 3.07 percent, to gaming revenues. President Ferdinand Marcos Jr. announced the ban on all POGO operations in the country during his State of the Nation Address (SONA) in July 2024.
Increased contributions to national programs
With higher revenues, PAGCOR raised its contributions to nation-building programs by 37.61 percent, reaching PHP68.20 billion (€1.12 billion) compared to PHP49.56 billion (€815.3 million) in 2023.
“Our 2024 revenues allowed us to support more government programs and other nation-building initiatives,” Tengco said.
PAGCOR remitted PHP46.32 billion (€762 million) to the National Treasury, a 33.39 percent increase from the PHP34.72 billion (€571.2 million) remitted in 2023. Franchise taxes and corporate income taxes paid to the Bureau of Internal Revenue (BIR) totalled PHP4.87 billion (€80.1 million) and PHP1.09 billion (€17.9 million), respectively.
The Philippine Sports Commission received PHP2.31 billion (€38 million). At the same time, PHP91.88 million was allocated as cash incentives for athletes and coaches who won medals in international competitions, including the 2024 Paris Olympic and Paralympic Games. Under the Office of the President (OP), PHP12.37 billion (€203.5 million) was allocated for socio-civic programs.
Beneficiaries of PAGCOR’s revenue
PAGCOR’s revenues were also distributed among various mandated beneficiaries. Cities hosting Casino Filipino branches received PHP698.60 million (€11.5 million), while the Board of Claims under the Department of Justice (DOJ) was allocated PHP178.80 million (€2.9 million). The Renewable Energy Trust Fund also received PHP248.01 million (€4 million).
PAGCOR said it had surpassed the PHP100 billion (€1.64 billion) revenue mark only once before, in 2018, when it recorded PHP104.12 billion (€1.7 billion), which included a one-time property sale worth PHP32.71 billion (€538 million).
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