Pagcor 2025 Revenue Hits US$1.80bln as Land Casino Gaming Weakens

Pagcor finished 2025 with a clear split story: total revenue fell, but net income still moved up. Digital play kept taking a bigger share, while land-based casino income kept sliding.

Good to Know

• Electronic and online gaming produced PHP53.33 billion, more than half of total gaming revenue in 2025
• Offshore online gaming vanished from the 2025 revenue base after legal operations ended in December 2024
• Net income rose to PHP17.47 billion even as total revenue dipped

The revenue headline came first. Philippine Amusement and Gaming Corp posted PHP106.03 billion (US$1.80 billion) in full-year 2025 revenue, down 5.1 percent year on year from PHP111.72 billion in 2024. Pagcor tied the drop to weaker land-based casino earnings and the loss of offshore gaming in the mix.

Even so, profit improved. Pagcor reported PHP17.47 billion in net income for 2025, up 4.2 percent compared with the prior year, showing the business held up even with a smaller top line.

A lot of the story sits inside gaming operations. Pagcor said gaming revenue reached PHP95.15 billion in 2025, slightly lower than PHP97.53 billion in 2024. On top of that, other income streams such as interest earnings, income, and service fees added PHP10.88 billion.

Digital channels carried the heaviest weight. Pagcor reported PHP53.33 billion from electronic and online gaming activities, covering e-Games, eBingo, and bingo grantees. The agency also said a 9.3 percent increase in electronic gaming revenue helped “offset part of the decline in land-based gaming… providing stability to overall gaming revenues.”

Meanwhile, land-based casino numbers moved the other way. Revenue from Pagcor-operated casinos declined 18.1 percent to PHP10.38 billion, while licensed casinos contributed PHP31.44 billion, down 4.9 percent year on year.

Pagcor Chair and Chief Executive Alejandro Tengco connected that drop to changing habits among players. He said:

“The decline in revenues from land-based casinos is largely driven by the gradual change in player behaviour, with more customers opting for digital and online gaming platforms. This shift underscores the need for regulators to keep pace with how players engage with online gaming products.”

Offshore online gaming also mattered to the comparison. The year on year decline in total gaming revenue reflected the ban on offshore online gaming operators, formerly known as Philippine Offshore Gaming Operators. Legal operations ended in December 2024. That segment contributed nearly PHP3.00 billion in 2024, but generated nothing in 2025 because it no longer sat inside Pagcor revenue.

Pagcor said it responded during 2025 by tightening the rulebook for online gaming with more focus on player protection and responsible gaming:

“As digital gaming continues to grow, Pagcor has implemented significant regulatory upgrades to protect players, promote transparency, and ensure that online gaming operates within a secure and well-regulated environment.” 

Tengco also framed the year as a setup for longer-term work. In a December speech, he said there were “tremendous opportunities to strengthen regulatory frameworks and to create a market that is grounded in integrity, innovation, and long-term sustainability”.

Pagcor also reported contributions to nation-building efforts of PHP66.95 billion in 2025, slightly lower than PHP68.21 billion in the previous year.

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