PAGCOR posts 42% surge in 1st Q income to P25. 2B
THE Philippine Amusement and Gaming Corporation (PAGCOR) on Tuesday said its total income for the first quarter of 2024 has reached P25.24 billion, a 42.57% increase compared with the same period last year.
The three-month earnings put the state gaming firm on track to reach the P100 billion annual income for the year, which would be a first in the 40-year history of the state gaming firm, according to PAGCOR Chairman and CEO Alejandro H. Tengco.
“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,” Tengco said.
PAGCOR’s net operating income after expenses during the quarter stands at P18.99 billion, which is 54.22% higher than the January-March 2023 figure of P12.32 billion.
Gaming operations accounted for the bulk of Ql revenues with P22.29 billion. Of this amount, 43.46% or P9.69 billion came from the E-Games sector (eBingo, eGames and Bingo grantees) while licensed casinos (integrated resorts) brought in P8.04 billion (36.06%).
However, revenues from PAGCOR-run casinos under the Casino Filipino brand continued to slide, earning P3.7 billion or 16.62% of the 1« quarter total. This is down from the 20.68% share it contributed to PAGCOR’s revenues in 2023.
Offshore gaming operations for its part contributed P860.89 million or 3.86% of the 2024 1quarter total gaming income.
“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 allows the sector to offer more excitement and convenience to gamers,” Tengco said.
