Gambling Operator PAGCOR Hits Record $433 Million Revenue in Q1 2024

The Philippine Amusement and Gaming Corporation (PAGCOR) has reported a record-breaking revenue of $433.4 million for the first quarter of 2024, according to the company’s financial report.

This figure represents a 42.6% increase, setting a new record for PAGCOR’s highest quarterly revenue.

The previous record was set in 2019, prior to the Covid-19 pandemic ($337.6 million).

After expenses, the net operating income stood at $329 million (a 54.2% increase). With this strong start to 2024, PAGCOR projects a record annual income exceeding $1.7 billion.

Chairman and Chief Executive Alejandro Tengco commented on the results, stating, “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. Our robust earnings also bode well for the government’s various socio-civic programmes including funding for the Universal Healthcare Programme which provides health insurance to millions of poor Filipinos through Philhealth.”

PAGCOR, a state-owned enterprise owned by the Philippine government, manages 46 gaming establishments in the country and also serves as the local gaming regulator.