The Philippine Amusement and Gaming Corp. (PAGCOR) revealed on April 28 that it managed to hit an all-time record in gaming revenue of Php25.24bln, roughly US$437m, for the 3-month period leading to March 31 of this year. This represents an annual growth of 42.6% and is higher by 17.4% than in the December quarter.
Maintaining an upward trajectory:
This latest result is on its way to top Php100bln, roughly US$1.7bln, in yearly gaming revenue, the regulator pointed out.
Commenting on the new profit results, Alejandro Tengco, President and CEO of PAGCOR, commented: “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.”
Relatedly, the first-quarter result involved Php3.7bln, which is roughly US$64m, earned from PAGCOR-owned casinos under the Casino Filipino brand (which continues its downward trajectory), and Php8.04bln, or about US$139m, from licensed casinos. Additionally, PAGCOR is right now in the midst of modernizing a large number of facilities before the planned privatization that will take place during the upcoming years.
As for the e-games section in Q1, which involves revenue collected from bingo grantees, e-games, and e-bingo, it was Php9.69bln, which is roughly US$168m. Then, there is the offshore gaming portion, which accounted for Php860.89m, or about US$14.9m, aka only 3.9% of the overall gaming revenue for the mentioned period.
In this regard, Tengco commented: “As we said earlier, the E-games sector will be our major source of gaming revenues this year and in the next few years as innovation and technological integration allows the sector to offer more excitement and convenience to gamers. Our robust earnings also bode well for the government’s various socio-civic programs including funding for the Universal Healthcare Program which provides health insurance to millions of poor Filipinos through Philhealth.”
Moreover, net operating revenue of the agency, following costs during the mentioned period, was Php19.0bln, which is approximately US$329m. Part of the said revenue, or Php15.56bln, or about US$270m, will be spent on PAGCOR’s Contributions to Nation-Building. This involves a 1% stake to the Board of Claims to compensate individuals who are wrongfully convicted, a 5% share to the Philippine Sports Commission; funding for the Sports Incentives and Benefits Act, contributions made to local government units where PAGCOR casinos are located, 50% government share and 5% franchise tax, according to the regulator. In addition, each of the contributions is officially mandated by law, according to Inside Asian Gaming.
Wilma Eisam Takes Over as the 1st Female Chairman and Chief Operating Officer of PAGCOR:
In other Philippines news, Wilma Eisam recently took over as Chairman and Chief Operating Officer of PAGCOR. However, she is the first woman appointed to such a high position in the history of PAGCOR, making her appointment especially meaningful for the country’s female population.
She takes over for Juanito L. Sañosa Jr., who officially stepped down in January this year, after being appointed to the role less than eighteen months ago.
In terms of her experience, the regulator is proud to confirm that she is the perfect candidate for the position, following her vast experience as the 1st female Administrator and Chairman of the Subic Bay Metropolitan Authority.