PAGCOR reports net income of US$165.6m for first nine months of the year
PAGCOR’s income was up 98.1 per cent year-on-year.
The Philippines.- The Philippines Amusement and Gaming Corp (PAGCOR) has shared its financial results for the first nine months of the year. Income was up 98.1 per cent in year-on-year terms to PHP9.63bn (US$165.6m).
Gross income reached PHP79.43bn (US$1.37bn), up by 42 per cent in year-on-year terms. The majority of revenue, PHP69.88bn (US$1.2bn), was generated from gaming operations, with 35.52 per cent, PHP28.22bn (US$487.9m), from online gaming, which includes E-Games, E-Bingo, and bingo grantees.
Integrated resorts and licenced casinos contributed PHP24.50bn (US$423m), comprising 30.84 per cent of gaming revenues, while PAGCOR-operated casinos under the Casino Filipino brand generated PHP44.97bn (US$776.8m). PHP6.43bn (US$110m) from total revenue came from other related services; and PHP3.11bn (US$53m) from other income. Operating expenses for the first nine months of 2024 grew by 29.5 per cent year-on-year to PHP24.41bn (US$421.6m).
PAGCOR chairman and CEO Alejandro Tengco said: “Our third quarter performance is a strong indication that in spite of the President’s decision to ban offshore gaming operations in the country, we are still on track to meet our PHP100bn (US$1.73bn) revenue target by yearend.”
PAGCOR’s contributions increased by 40.39 per cent to PHP48.88bn (US$$838m) compared to last year’s PHP34.82bn (US$597m). PHP33.19bn (US$569m) went to the National Treasury as 50 per cent government share.
PAGCOR contributed PHP3.49bn (US$59.87m) in franchise taxes and PHP421.35m (US$7.23m) in corporate income taxes to the Bureau of Internal Revenue. The Philippine Sports Commission (PSC) received PHP1.65bn (US$28m) as its 5 per cent share, while PHP90.68m (US$1.56m) was allocated as incentives for athletes and coaches who excelled in international sports events.
PAGCOR provided PHP9.26bn (US$159m) for the Office of the President’s socio-civic initiatives. Cities hosting Casino Filipino branches received PHP525.95m; the Board of Claims under the Department of Justice PHP99.08m to compensate victims of unjust imprisonment and the Renewable Energy Trust Fund PHP140.2m (US$2.4m)
PAOCC warns of former gaming workers running scam farms
The Philippine Anti-Organized Crime Commission (PAOCC) has raised concerns about Filipinos previously employed by offshore gaming operators allegedly operating scam farms. During a radio interview, PAOCC spokesman Winston John Casio, described the situation as a “ticking time bomb.”
Casio said the farms mainly primarily focus on online shopping scams. He said: “You place an order, say a device, but you get a substandard product or a second-hand one. Worse, you don’t get anything. Our authorities have already dismantled some scammers perpetrating these activities. Some even hold an online raffle. Most of these Filipinos are veterans or alumni of offshore gaming operators that we have raided.”
Casio warned that due to the lack of time to build credible cases, the PAOCC was releasing people with warnings. In September, Patrick Patriwirawan Jr., a director of the Department of Labor and Employment (DOLE), said that, according to data provided by the PAGCOR, 40,962 Filipino workers will be affected by the closure of offshore gaming operators by the end of the year.
