PAGCOR Smashes Records: P112 Billion Jackpot Despite POGO Ban!

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In 2024, the Philippine Amusement and Gaming Corporation (PAGCOR) achieved unprecedented financial success, reporting record revenues and more than doubling its net income. This remarkable performance was primarily driven by the sustained growth of the electronic games sector throughout the year.

Record-Breaking Financial Performance

PAGCOR's revenues surged by nearly 41%, reaching an all-time high of P112 billion, up from P97 billion in the previous year. This impressive figure not only surpassed the prior year's earnings but also eclipsed the previous record of P81.98 billion set in 2019. The organization's net income experienced a significant boost, doubling to P10 billion from January to September 2024, compared to P4.85 billion during the same period in 2023. 

Electronic Games: The Catalyst for Growth

A substantial portion of this revenue growth can be attributed to the electronic games sector. In the first half of 2024, revenues from electronic games, including E-Games, E-Bingo, and bingo grantees, contributed P20.66 billion, accounting for nearly 45.53% of PAGCOR's total gaming income. 

 By the third quarter, the electronic games sector's contribution had soared to P89.06 billion, representing a fivefold increase from P14.75 billion in the same period in 2023. 

PAGCOR Chairman and CEO Alejandro Tengco highlighted the sector's impressive performance, stating, "This sector continues to surpass targets and should help cover up for any shortfall resulting from the President’s order banning offshore gaming operations or Pogos by the end of the year." 

Impact of Policy Changes on Offshore Gaming

In 2024, the Philippine government, under President Ferdinand Marcos Jr., announced a total ban on Philippine Offshore Gaming Operators (POGOs), citing concerns over associated criminal activities such as human trafficking, kidnapping, and financial fraud. PAGCOR responded by initiating the cancellation of licenses for offshore gambling firms and collaborating with law enforcement agencies to implement the ban. This move is expected to result in an estimated annual loss of P23 billion (approximately $400 million) in license fees and taxes. 

Diversification and Future Outlook

Despite the anticipated decline in revenues from offshore gaming, PAGCOR remains optimistic about its financial trajectory, largely due to the robust performance of the electronic games sector. The organization is also exploring the privatization of its self-operated casinos to focus more on its regulatory functions. This strategic shift is expected to raise between P60 billion to P80 billion, further bolstering PAGCOR's financial standing. 

As PAGCOR continues to adapt to the evolving gaming landscape, its record-breaking achievements in 2024 underscore the organization's resilience and strategic foresight. The sustained growth in the electronic games sector not only compensates for potential revenue losses from policy changes but also positions PAGCOR for continued success in the years to come.

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