PAGCOR’s Q1 Income Exceeds PHP25 Billion
LISTEN TO THIS ARTICLE:PAGCOR, the Philippine Amusement and Gaming Corporation, saw a large increase in income during the first quarter of this year. Its income was PHP25.24 billion, an increase of 42.57% when compared to Q1 2023.
Alejandro H. Tengco, the PAGCOR Chairman and CEO, said that this figure suggests that this year, for the first time since it was created 40 years ago, PAGCOR’s earnings may exceed PHP100 billion.
We are happy to announce that PAGCOR is able to sustain our growth trajectory in the first quarter of 2024, and this should help position us into achieving another record-breaking year.
Gambling Operators Drive Income
During Q1, net operating income after expenses was PHP18.99 billion, an increase of 54.22% when compared to the previous year.
The main sources of revenues were gaming operators, which brought in PHP22.29 billion. Online gaming accounted for PHP9.69 billion and licensed casinos contributed PHP8.04 billion. However, the casinos operated by PAGCOR as part of the Casino Filipino brand saw revenue fall to PHP3.7 billion.
In addition, offshore gaming operations added PHP860.89 million to the total gaming income.
Income to Help Fund Government Initiatives
According to Tengco, the online gambling sector is set to be a primary source of income over the coming years.
From the almost PHP19 billion net income raised in Q1, PHP15.56 billion will be put towards Contributions to Nation-Building, which includes franchise tax, government shares, socio-civic projects, sports programs, and compensation payments to those wrongfully convicted.
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