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PAGCOR Announces Record-Breaking Casino Income Growth
By Shane Addinall Jul 22, 2024 IndustryThe Philippines continues to show more established gambling regulators how successful the industry can be if it is closely monitored and well-regulated by recording breaking net and gross gaming revenue growth from 2023 to 2024.The Philippines continues to be the gambling industry's surprise star pupil. While the country was a little later than many others to join the pantheon of regulated gambling providers, it has taken to heart its peers' many successes and failures. It applies these lessons to ensure it continues to deliver incredible socio-economic wins.
Record-Breaking 2024 Revenues
The Philippine Amusement and Gaming Corporation (PAGCOR) Chairman and CEO Alejandro Tengco had a lot to celebrate this month when the company released its year-on-year figures for the first half of 2024 compared to 2023.
Quote“Given the phenomenal revenue increase in the E-Games sector, and with more players and investors signifying their intent to enter the Philippine market, we are confident that the year 2024 will be truly a banner year for PAGCOR.”
Regulated games of chance generated a whopping net income of Php6.56 billion for the first six months of the year, an increase of 121.48% from the Php2.96 billion the industry generated over the same period in 2023.
Before any deductions, Filipino gross gaming revenues (GGR) showed a 19.21% increase. In 2024, iGaming generated Php194.743 billion GGR compared to Php163.36 billion GGR in 2023.
Online Casino Gaming Blossoms
online casino games might be the newest addition to the country's regulated gambling sector. Still, they are a critical factor in its ongoing success, having ballooned 208.40% in the first half of 2024.
In his address, Tengco broke down the importance of what they refer to locally as e-games and which categories generated the most GGR. According to his statistics, the e-games vertical as a whole generated an incredible Php63.01 billion in 2024 compared to Php20.43 billion in 2023.
This grouping of online games of chance includes online bingo and bingo grantees and online casino games, including video slots, video poker, casino poker, blackjack, roulette, Baccarat and other popular table games.
The popularity of licensed online casinos in the Philippines is negatively impacting PAGCOR-operated casinos. A review of their performance shows an 11.60% decline in GGR from Php10.06 billion in 2023 to Php8.89 billion in 2024.
However, the growth is significant enough to offset any concerns about the future of these PAGCOR-operated venues, and plans for more extensive and tourism-focused integrated resorts will soon see those revenues increase.
Using Gambling Revenue for Good
Unlike many other countries where the revenues generated by the licensing and regulating of online casino entertainment are split among so many governmental departments that the impact is negligible, these funds are directed at nation-building projects in the Philippines.
Discussing the value of the gambling industry to the country, Tengco said:
Quote“PAGCOR’s robust net income growth translates, of course, to a larger Contribution to Nation-Building. We were able to remit Php31.82 billion in CNB to the Treasury in the first six months compared to Php22.62 billion in the same period last year.”
He also added that the sector's ongoing success speaks volumes of the "reforms and enhanced regulations" implemented under the country's current leadership.
As outlined in PAGCORs early mission statements, the funds they generate are not for hoarding but for improving the country and meeting the basic needs of then-underfunded projects in health, education, environmental protection and culture.
Closely monitoring and effectively managing local and international gambling operations in the Philippines has allowed the government to ensure these projects receive the resources and manpower they need to be successful.
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