PAGCOR Q2 Gaming Revenue Up 32%

MANILA, Philippines (August 12, 2024) — According to local media reports the Philippine Amusement and Gaming Corp. (PAGCOR) reported gross gaming revenue (GGR) in the second quarter rose 32.32% to P89.23 billion due to the strong performance of electronic games (e-Games).

Business World reported that in a statement, PAGCOR said GGR also grew 9.21% from the first quarter.

 The e-Games segment’s revenue rose 525% to P30.85 billion, PAGCOR said.

 “This sector continues to surpass targets and should help cover up for any shortfall resulting from the President’s order banning offshore gaming operations or POGOs by the end of the year,” PAGCOR Chairman and Chief Executive Officer Alejandro H. Tengco was quoted as saying. 

 President Ferdinand R. Marcos, Jr. last month ordered a ban on all POGOs after the industry was associated with illegal activities such as money laundering and human trafficking.

Policy reforms implemented by PAGCOR last year also helped improve e-Games revenue, Mr. Tengco added.

 Licensed casinos were the second-biggest contributor to GGR in the second quarter at P49.48 billion. The segment’s output was down 4.3% year on year.

 Quarter on quarter, revenue from licensed casinos declined 0.4% from P49.68 billion in the three months to March.

 Revenue from PAGCOR-operated casinos under the Casino Filipino brand declined 14.8% year on year to P4.20 billion. Revenue fell 10.41% from the previous quarter.

PAGCOR also noted a 19.83% year-on-year decline in revenue from bingo operations to P4.69 billion. The bingo segment was down 2.49% from a quarter earlier.

PAGCOR net income rose 121.48% to P6.56 billion in the first half.

In April, the Department of Finance raised the mandatory dividend remittance level for government-owned or -controlled corporations to the National Government to 75% of net earnings.

SOURCE: Business World.