In 2023, the Philippine Amusement and Gaming Corporation (PAGCOR) reported an increase in revenues, reaching Php79.37 billion. This was a 34.63% rise from the previous year’s Php58.96 billion. The growth in revenue stemmed mainly from the performance of licensed casinos and the Electronic Games sector’s expansion.
The bulk of PAGCOR’s income, Php73.11 billion, came from gaming operations. Other sources, including services, business income, and non-operating income, contributed Php6.26 billion. The agency also saw an increase in net income, rising to Php6.81 billion, up 53.27% from 2022’s Php4.44 billion profit.
Alejandro H. Tengco, PAGCOR’s Chairman and CEO, emphasized how the financial achievements of 2023 enabled the agency to enhance its contributions to government efforts for national development, totaling Php49.56 billion. This was a 43% increase from the previous year’s contributions. “Our robust revenue generation in 2023 allowed us to remit more funds to the government to finance various services, including funding for the Universal Health Care program, also known as Philhealth,” Tengco said.
A large portion of these funds supported various public services, including the Universal Health Care program, offering free health care to millions of Filipinos.
Specifically, PAGCOR allocated Php34.72 billion to the National Treasury, with Php17.36 billion designated for Philhealth. Additionally, the agency paid Php3.65 billion in franchise tax and Php285.20 million in corporate income tax to the Bureau of Internal Revenue.
Other beneficiaries of PAGCOR’s 2023 earnings included the Philippine Sports Commission with Php1.73 billion and athletes and coaches who received Php92.58 million under the Sports Incentives and Benefits Act. PAGCOR will also transfer Php3.06 billion in cash dividends to the National Treasury, and local government units hosting Casino Filipino branches will receive a total of Php451.72 million. The Board of Claims under the Department of Justice is set to receive Php63.12 million for compensating wrongfully imprisoned individuals.
Looking forward, Tengco expressed confidence in the continued growth of the Philippine gaming industry, buoyed by its recovery from the pandemic’s impacts. He pointed out that licensed casinos were the biggest revenue contributors in 2023, generating Php33.18 billion or 45.38% of gaming income. The E-Games sector followed with Php21.66 billion or 29.62% of the gaming revenue. PAGCOR-operated casinos contributed Php15.12 billion or 20.68%, and offshore gaming operations accounted for Php3.15 billion or 4.31% of the total gaming revenues.
“With the Philippine gaming industry’s full recovery from the impact of the pandemic, we are optimistic that PAGCOR will sustain this growth momentum in the coming years,” the PAGCOR chief said.
Tengco also mentioned that the gross gaming revenues of the Philippine gaming industry in 2023 hit a new high of Php285.27 billion, exceeding pre-pandemic levels.
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