Pagcor Achieves Record-Breaking Revenue in Q1

This surge positions Pagcor on a trajectory that could see annual revenues surpass ₱100bn for the first time in its 40-year history.

Historic Revenue Growth

Pagcor’s remarkable performance in Q1 2024 not only surpassed last year’s figures but also exceeded the previous record set in 2019, before the Covid-19 pandemic impacted global gaming markets. This achievement reflects a robust recovery and an upward trend in the gaming sector, particularly within the Philippine market.

Composition of Q1 Revenues

The bulk of Pagcor’s Q1 revenue came from gaming operations, which contributed ₱22.29bn. Notably, integrated resorts played a significant role, generating ₱8.04bn, or 36% of the gaming revenue. However, revenue from Pagcor-operated casinos saw a decline, making up only 16.6% of the total gaming revenue, down from 20.7% in 2023.

Strategic Financial Planning

In response to this financial upturn, Alejandro Tengco, Chairman and Chief Executive of Pagcor, expressed optimism about the future. “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,” he stated.

The organization’s net operating income also saw a significant rise, reaching ₱18.99bn, a 54.2% increase from the previous year. This net income includes a substantial portion designated for Pagcor’s contributions to national development, with ₱15.56bn aiding various government socio-civic programs, including the Universal Healthcare Programme.

E-Gaming: A Major Revenue Driver

The e-gaming sector, particularly igaming (E-games), has emerged as a major revenue stream for Pagcor, contributing 43.5% of the total gaming revenue with ₱9.69bn. Tengco highlighted the importance of this sector, stating, “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.”

Organizational Changes and Future Plans

Pagcor is undergoing significant transformations, aiming to become a “purely regulatory” body by 2025. This strategic shift includes the planned privatisation of its casinos in the latter stages of 2025. Additionally, the recent appointment of lawyer Wilma Eisma as president and chief operations officer marks a new chapter in leadership, following the departure of Juanito Sansosa Jr.