PAGCOR posts income of US$1.41bn for 2023

PAGCOR has reported a 34.6 per cent year-on-year increase for the full year.

The Philippines.- The Philippine Amusement and Gaming Corporation (PAGCOR) has released its financial report for the year 2023. It posted income of PHP79.38bn (US$1.41bn), a year-on-year increase of 34.6 per cent.

The regulator posted gross income from gaming operations of PHP73.11bn (US$1.30bn), up 32.8 per cent year-on-year. Total comprehensive income was PHP6.82bn (US$121m), up 53.3 per cent in year-on-year terms. Expenses for 2023 increased by 18 per cent year-on-year to nearly PHP26.65bn. 

The regulator deducted approximately PHP45.63bn (US$809m) in government subsidies, financial assistance and other contributions. That figure was up 44.2 per cent from PHP31.65bn in 2022.

See also: PAGCOR-funded housing projects inaugurated in Balete and Taal

Earlier this month, PAGCOR reported that gross gaming revenues (GGR) for 2023 was up 33 per cent year-on-year to PHP285bn (US$5.1bn). That surpassed the set target of PHP273bn and outperformed the previous high of PHP256.49bn recorded in 2019, before the Covid-19 pandemic. 

Casinos remained the primary revenue contributors, accounting for PHP207.5bn (US$3.7bn), followed by the electronic games sector with PHP58.16bn (US$1.04bn). Commercial casinos licensed by PAGCOR contributed PHP19.62bn (US$352m) to the overall GGR.