Government Gaming Corporation Net Income Jumps 37 Percent in H1, 2023

MANILA, Philippines (July 28, 2023) — Government entity Philippine Amusement and Gaming Corp (PAGCOR) announced a net income of PHP2.97 billion (US$54.4 million) in the first half of 2023, accounting for a 37.3 per cent year-on-year surge.

PAGCOR is both the operator of publicly-owned casinos and the regulator for the entire Philippine casino industry.

In the second quarter of 2023, PAGCOR’s net income increased by 21 per cent compared with the previous three-month period, according to the same announcement.

PAGCOR Chairman and CEO, Alejandro Tengco, said last week that the agency’s total revenue exceeded PHP36.21 billion in H1 2023, marking a 35.6 per cent increase as reported by GGR Asia.

Also, last week, PAGCOR announced that the country’s gaming industry generated PHP136.37 billion (US$2.49 million) in gross gaming revenue (GGR) in the first semester of 2023, representing a 48.7 percent growth from the previous year.

SOURCE: Macau News Agency (MNA).