PAGCOR reports record revenue for 2024
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The regulator-operator saw strong performance in the e-gaming sector.
The Philippines.- The Philippine Amusement and Gaming Corporation (PAGCOR) has released its financial report for the year 2024. It posted an all-time revenue record of PHP112bn (US$1.92bn), up 41 per cent in year-on-year terms.
The regulator posted net operating income of PHP84.97bn (US$1.46bn), up 51 per cent year-on-year. Net income after contributions to nation-building reached PHP16.77bn (US$287m), up 146 per cent year-on-year.
The e-games and e-bingo sectors became the biggest contributors with PHP48.79bn (US$836m) or 50.3 per cent of all gaming revenues. Casinos contributed PHP33.07bn (US$567m) while commercial casinos licensed by PAGCOR brought in PHP12.67bn (US$217m). Offshore gaming operators which were banned in December, contributed PHP2.99bn (US$51m) .
Contributions to nation-building increased by 37.61 per cent, reaching PHP68.20bn (US$1.17bn). This includes PHP46.32bn (US$793m) remitted to the National Treasury, PHP4.87bn (US$83m) in franchise taxes and PHP1.09bn (US$19m) in corporate income taxes.
Other allocations included PHP2.31bn (US$40m) for the Philippine Sports Commission, PHP91.88m in incentives for athletes and coaches participating in international competitions, and PHP12.37bn (US$212m) for socio-civic programs under the Office of the President. Additional funds were distributed to the host cities of Casino Filipino branches (PHP60m), the Board of Claims under the Department of Justice (PHP80m), and the Renewable Energy Trust Fund (PHP1m).
PAGCOR cuts e-games fees in the Philippines
PAGCOR has announced a reduction in fees for e-games from 35 per cent to 30 per cent as of January 1. The rates for e-games run by integrated resorts will be cut to 25 per cent in recognition of physical operators’ overheads. The fees are calculated as a fixed percentage of the GGR. According to the regulator, the reductions will provide gaming operators with additional resources for marketing and help promote growth and profitability within the sector.
Rates had already been decreased. Before 2023, PAGCOR was charging over 50 per cent of GGR. PAGCOR has issued 1,188 licences for on-site and online gaming, up 13.57 per cent since 2023. Tengco said he expected the number to rise further.