The Philippine Amusement and Gaming Corporation, or Pagcor, has achieved a noteworthy milestone by significantly increasing its revenue during the first quarter of 2024.
Pagcor’s Q1 income shot up to ₱25.24 billion, a whopping 42.6% increase over ₱17.70 billion in the same period last year. In addition to this noteworthy rise, Pagcor’s income for a single quarter has never been higher than it was in 2019, breaking the previous record.
Path to Historic Achievement
Should Pagcor maintain its current trajectory, it is poised to surpass ₱100.0 billion in income for the first time in its 40-year history, a significant milestone. This projection would easily surpass the ₱79.37 billion generated in 2023.
Chairman and CEO Alejandro Tengco expressed optimism about Pagcor’s performance, stating, “We are happy to announce that Pagcor is able to sustain our growth trajectory in the first quarter of 2024 and this should help position us into achieving another record-breaking year.”
Pagcor’s net operating income after expenses surged to ₱18.99 billion in Q1, marking a remarkable 54.2% increase compared to the same period last year.
Gaming operations played a pivotal role in Pagcor’s revenue stream, contributing ₱22.29 billion in Q1. Integrated resorts accounted for the majority of this revenue, generating ₱8.04 billion. However, revenue from Pagcor-operated casinos experienced a slight decline compared to the previous year.
Pagcor’s robust earnings have significant implications for the government’s socio-civic programs, including funding for the Universal Healthcare Programme. Tengco highlighted Pagcor’s contribution, stating, “Our robust earnings also bode well for the government’s various socio-civic programmes.”
Pagcor anticipates that the igaming (E-games) sector will continue to play a pivotal role in its revenue generation efforts. Tengco emphasized the sector’s potential, stating, “As we said earlier, the e-games sector will be our major source of gaming revenues this year.”
Pagcor’s impressive performance in Q1 underscores its resilience and strategic initiatives, positioning it for continued success in the dynamic gaming industry landscape.
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