PAGCOR Sees Record-Breaking Income Surge in Q1 of 2024
The Philippine Amusement and Gaming Corporation (PAGCOR) announced today that its total income for the first quarter of 2024 has reached an impressive Php25.24 billion. This marks a substantial 42.57% increase compared to the same period last year, showcasing a remarkable growth trajectory for the state gaming firm.
PAGCOR Chairman and CEO, Alejandro H. Tengco, expressed his delight at the company’s performance, stating, “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.”
Net Operating Income and Revenue Breakdown
During the first quarter, PAGCOR’s net operating income after expenses amounted to Php18.99 billion, representing a significant 54.22% increase from the previous year. Gaming operations played a pivotal role in driving Q1 revenues, with a total of Php22.29 billion generated.
Within the gaming sector, the E-Games segment emerged as a key revenue contributor, accounting for 43.46% of the total gaming income with Php9.69 billion. Licensed casinos, specifically integrated resorts, also made a substantial contribution of Php8.04 billion, representing 36.06% of Q1 revenues.
Notably, revenues from PAGCOR-run casinos under the Casino Filipino brand witnessed a decline, generating Php3.7 billion or 16.62% of the total income for the quarter. This marked a decrease from the previous year, indicating a shift in revenue sources within the gaming landscape.
Socio-Civic Contributions and Future Outlook
Mr. Tengco emphasized the significance of the E-Games sector in driving future revenue growth, highlighting the sector’s potential for innovation and technological integration. He also underscored PAGCOR’s commitment to supporting the government’s socio-civic programs, including funding for the Universal Healthcare Program.
Of the nearly Php19 billion net income generated in Q1 of 2024, a significant portion will be allocated towards Contributions to Nation-Building. This includes various contributions such as the 5% franchise tax, government share, funding for socio-civic projects, and support for sports initiatives and benefits.
PAGCOR’s stellar performance in the first quarter of 2024 sets a new earnings record for the company, surpassing previous benchmarks set before the pandemic outbreak. With a robust financial outlook and a strategic focus on key revenue streams, PAGCOR is poised for continued success in the gaming industry.