Reading Time: 2 minutes
The Philippine Amusement and Gaming Corporation today announced that it had booked Php79.37 Billion in revenue in 2023. This is up 34.63 % from the Php58.96 Billion in last year, mainly due to strong earnings from licensed casino and the growing Electronic Games sector.
PAGCOR’s revenues are dominated by gaming operations, which accounted for Php73.11billion, while other sources, such as business income, gains, and non-operating revenue, contributed Php6.26billion.
The net income of the agency was Php6.81billion, up 53.27 % from Php4.44billion in 2022.
PAGCOR’s Chairman and CEO Alejandro H. Tengco stated that the increased earnings allowed the state gaming company to increase its contribution towards nation-building (CNB), which was 43% higher from the Php34.67 Billion CNB of the previous year.
The PAGCOR chief stated that “our robust revenue generation allowed us to remit additional funds to the Government to finance various services including funding for Universal Health Care program (also known as Philhealth).
Tengco stated that the majority of PAGCOR CNB, amounting to Php34.72billion, has been transferred to the National Treasury. The amount of Php17.36billion, or half of it, will be given to Philhealth for the provision of free health coverage to millions poor Filipinos.
PAGCOR also paid Php3,65 billion as franchise tax to the Bureau of Internal Revenue and Php285,20 million in corporate income tax.
The Philippine Sports Commission received Php1.73 billion from PAGCOR in 2023. A separate Php92.58million was awarded to athletes and coaches that won international competitions, as required by the Sports Incentives and Benefits act.
PAGCOR also plans to pay Php3,06 billion as cash dividends in the National Treasury. Local government units that host Casino Filipino branches will receive Php451.72 millions.
The Board of Claims, under the Department of Justice, will receive Php63.12million to compensate those who were wrongfully imprisoned.
Tengco stated that PAGCOR is confident of maintaining its growth momentum over the next few years, as the Philippine gaming sector has recovered from the effects of the pandemic.
PAGCOR’s biggest revenue generators in 2023 will be the integrated resorts that have licensed casinos. These contributed Php33,18 billion or 45.38% of its gaming revenues.
The E-Games sector, which includes eBingo, eGames, Specialty Games, and Sports Betting, was the second largest contributor to gaming revenue with Php21.66 Billion or 29.62%, followed by PAGCOR run casinos at Php15.12 Billion or 20.68%.
PAGCOR generated Php3,15 billion, or 4.31%, of its total gaming revenue from offshore gaming operations.
Chairman Tengco had announced earlier that gross gaming revenue in the Philippine gaming sector for 2023 would reach a record Php 285,27 billion, which is already higher than pre-pandemic levels. #
