PAGCOR reports ‘record high’ revenue take in 2024

THE Philippine Amusement and Gaming Corporation (PAGCOR), reported a “record high” revenue take of more than P112 billion in 2024, on the back of robust performance of its -E-Games’ and ‘E-Bingo’ electronic platforms.

In a disclosure, PAGCOR chair and chief executive officer, Alejandro Tengco, said the amount is 41 percent more than their P79 billion revenue in 2023.

Net operating income was at P84.97 billion, which is also 51 percent higher than the 2023 level of P56.38 billion. On the other hand, net income after deducting PAGCOR’s contributions to the government and nation-building was placed at P16.77 billion.

The amount is more than double the P6.81 billion net income in 2023.

“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,” Tengco said.

He noted that prior to last year, the highest gross operating revenue of PAGCOR in a singe year dates back to 2019, under the Duterte administration, when the state gaming firm turned in P81.98 billion in revenue.

Gaming operations and license fees remained the primary revenue sources of PAGCOR, contributing P97.52 billion, while other revenue streams including business income and service fees contributed P14.18 billion.

Tengco further noted that the E-Games and E-Bingo sectors alone contributed P48.79 billion to PAGCOR’s revenue equivalent to more than 50 percent of the 2024 gaming revenues.

The positive result also puts to rest the fear that PAGCOR’s revenue would be affected by the total closure of all POGO-related games in the country that took effect at the end of 2024.