PAGCOR reports net income of US$112.34m for H1

PAGCOR’s income in the first half was up 121.48 per cent year-on-year.

The Philippines.- The Philippines Amusement and Gaming Corp (PAGCOR) has shared its financial results for the first half of the year. Income was up 121.48 per cent in year-on-year terms to PHP6.56bn (US$112.34m).

Total gross income reached PHP51.76bn (US$886.17m), up by 42.92 per cent. The majority of revenue, PHP45.39bn (US$777.1m), was generated from gaming operations, with 45.53 per cent, PHP20.66bn (US$353.79m), from online gaming, which includes E-Games, E-Bingo, and bingo grantees.

Integrated resorts and licenced casinos contributed PHP16.06bn (US$274.99m), comprising 35.39 per cent of gaming revenues, while PAGCOR-operated casinos under the Casino Filipino brand generated PHP6.93bn (US$118.64m), 15.27 per cent of the gaming revenue.

PAGCOR chairman and CEO Alejandro Tengco said: “PAGCOR’s robust net income growth translates of course to a larger Contribution to Nation-Building. We were able to remit PHP31.82bn in CNB to the Treasury in the first six months compared to PHP22.62bn in the same period last year.”

He added: “Given the phenomenal revenue increase in the E-Games sector, and with more players and investors signifying their intent to enter the Philippine market, we are confident that the year 2024 will be truly a banner year for PAGCOR.”

See also: PAGCOR remits US$55.9bn to Philippine National Treasury