According to foreign media reports, the Philippine gaming regulatory body PAGCOR announced that, benefiting from the strong performance in the electronic gaming sector, the total gaming revenue for 2024 is PHP 111.72 billion (USD 1.91 billion), an increase of approximately 40.7% compared to PHP 79.38 billion in 2023.
PAGCOR Chairman and CEO Alejandro Tengco stated, “We are proud to announce that the financial performance of 2024 is the best in history, thanks to the efforts of our employees and stakeholders.”
Alejandro Tengco attributed the financial performance of 2024 to the electronic gaming and electronic BINGO sectors. These two categories recorded revenues of PHP 48.79 billion, accounting for just over 50% of the total gaming revenue in 2024.
Alejandro Tengco also mentioned that the continuous growth in the electronic gaming sector is a key driver for PAGCOR’s record-breaking performance, “reflecting the increasing popularity of digital gaming platforms and the transformative impact of technology on the industry.” PAGCOR’s electronic gaming licensing department earlier predicted that the total gaming revenue in the Philippine electronic gaming sector will reach PHP 160 billion in 2025.
PAGCOR operates both public casinos and regulates the entire gaming industry in the Philippines. The agency stated that gaming operations and licensing fees remain the main sources of income, with revenues nearing PHP 97.53 billion in 2024, and other sources of income such as business income and service fees also increased by nearly PHP 14.19 billion.
According to PAGCOR’s data, the highest business income was recorded pre-pandemic in 2019, at PHP 81.98 billion, while the net operating income in 2024 was PHP 80.1 billion, an increase of 51.9% compared to 2023.
The net income, after deducting PHP 68.21 billion for national construction allocations, reached nearly PHP 16.77 billion, a 146% increase year-over-year.
For the full year of 2024, licensed casinos accounted for 33.9% of PAGCOR’s revenue, which is PHP 33.07 billion. Casinos operated through the Casino Filipino network accounted for nearly 13%, which is PHP 12.67 billion.
The revenue from offshore online gaming operators (formerly known as Philippine Offshore Gaming Operators or POGOs, whose legal operations ended last December) accounted for 3.1%, approximately PHP 2.99 billion. This includes licensing fees and other sources of income such as service fees.
