PAGCOR Posts Record Casino Earnings in Q1 2024

The Filipino gambling jurisdiction continues to show the benefits of a pro-business government and an empowered and active gambling regulator. The 2023 review showed the Philippine Amusement and Gaming Corporation (PAGCOR) posting gross gaming results of Php79.3 billion, which netted the country a profit of Php6.13 billion.

This winning streak has continued into the first quarter of 2024 as the regulator delivers yet another record-breaking result.

 Casino Earnings Surge More Than 42%

A review of the first three months of 2024 showed that gambling earnings in the country grew by an astounding 42.57% to Php25.24 billion (gross gaming revenue for the period was Php81.7 billion).

AGCOR Chairman and CEO Alejandro H. Tengco said:

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“We are happy to announce that PAGCOR is able to sustain our growth trajectory in the first quarter of 2024, and this should help position us into achieving another record-breaking year.”

Overall, the result is a positive one for the government of the Philippines and PAGCOR, which had set a jointly approved annual revenue target of Php100 billion for 2024.

What is most important to the country as a whole is not high-level profiteering but what amount of money is reinvested into the well-being of the country. According to the report, the more significant margin allowed PAGCOR to increase its nation-building stipend to Php15.56 billion this year, a 41.7% increase from its Php10.98 billion payment this time last year.

 Online Gambling Continues to Dominate

When the phenomenal Q1 2024 results are broken down, the licensed online gambling sector's positive impact on the Philippines is clear.

Chairman Tengco said:

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“As we said earlier, the E-games sector will be our major source of gaming revenues this year and in the next few years as innovation and technological integration allow the sector to offer more excitement and convenience to gamers.”

Further adding his view of advancing casino technology:

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“With the way technology is constantly shaping our lives and the way we do business, and even the way we choose to be entertained, the future of gaming clearly lies in this sector,”

Here are the earnings results per gambling market:

1. Legal Online Gambling Games: Php10,55 billion
2. Licensed Land-Based Gambling: Php8.04 billion
3. State-Run Gambling Revenue: Php3.7 billion

Speaking of their growth expectations for the licensing sector, Mr Tengco said:

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We are confident that with our new regulatory policies, more gaming companies both here and abroad will continue to look at business and investment opportunities in the Philippine gaming industry.”

The Pressure Is On The IEC To Deliver

While Php3.7 billion is not a poor result, it does represent yet another quarterly slide in the value of state-owned gaming under the Casino Filipino brand.

With the International Entertainment Corporation (IEC) taking over the reins of this market segment from PAGCOR earlier this month, all eyes will be on them to see if they can stabilise the product and begin growing revenue rather than allowing them to continue to shrink.

With the upcoming integrated casino and resort expansion planned for the Philippines over the coming months, with PAGCOR's proven track record and the potential for the IEC to draw value from its product, it looks like a fantastic year for the Philippines.