The Philippine Amusement and Gaming Corporation (PAGCOR), the country’s prestigious gaming regulator, recently revealed a stunning increase in overall profit during the first half of 2023, totaling to Php36.21 billion (US$663 million). This incredible 35.6% gain was principally driven by a significant 48.7% increase in gross gaming income, which reached Php136.37 billion (US$2.50 billion) within the same time period.
Despite confronting pandemic-related hurdles, PAGCOR’s second-quarter revenue of Php18.5 billion (US$339 million) and first-quarter income of Php17.7 billion (US$324 million) demonstrated the company’s outstanding growth trajectory. However, the half-year profit continues to trail behind pre-pandemic levels, coming in 6.7% lower than the pre-pandemic output of Php38.8 billion (US$710 million) in the first half of 2019.
Alejandro Tengco, President and CEO of PAGCOR, remains hopeful about the future, riding the wave of the country’s economic progress. Tengco believes that the gaming industry’s growth momentum will be continued as economic activity gradually returns to pre-pandemic levels. He also emphasized the corporation’s commitment to strengthening regulatory rules in order to attract more investors to the Philippines.
The majority of PAGCOR’s revenue during the January-June period came from licensee and gaming regulatory fees, totaling Php34.12 billion (US$625 million). This figure reflected a strong 38.0% year-on-year rise, which was mostly owing to a huge increase in gross gaming revenue (GGR).
PAGCOR’s outstanding financial performance has a direct impact on nation-building activities. During the first half of 2023, the firm contributed Php22.62 billion (US$414 million), with Php16.20 billion (US$297 million) going directly to the National Treasury as 50% of the government’s contribution. Furthermore, the Philippine Health Insurance Corporation was given Php8 billion (US$146 million) to support Universal Healthcare coverage.
PAGCOR was instrumental in funding different government socio-civic activities, committing Php3.61 billion (US$66 million) to these initiatives. In addition, Php1.70 billion (US$31 million) was paid to the Bureau of Internal Revenue as a 5% franchise tax, and Php19.92 billion (US$365 million) was paid to the Department of Justice’s Board of Claims. The Philippine Sports Commission (PSC) got Php810.47 million (US$14.9 million), while national athletes and coaches who achieved success in international tournaments received Php17.97 million (US$329,000) in Sports Incentives and Benefits. Furthermore, cities that house PAGCOR’s Casino Filipino operations earned Php225.86 million (US$4.1 million).
Alejandro Tengco, CEO of PAGCOR, expressed his delight with the corporation’s present achievements and stated that it has already attained roughly Php136.37 billion (US$2.5 billion) in Gross Gaming Revenue (GGR) for the first semester. PAGCOR is optimistic of meeting or exceeding its revenue projections, contributing to the nation’s wealth and progress, thanks to the favorable business environment and constant dedication to growth.
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