The Philippine Amusement and Gaming Corporation (PAGCOR) has reported a significant increase in its total income for the first quarter of 2024, reaching PHP 25.24bn ($437.7m). This marks a notable 42.57% rise compared to the same period last year.

According to PAGCOR Chairman and CEO Alejandro H. Tengco, these three-month earnings have positioned the state gaming firm on track to achieve a historic milestone: surpassing PHP 100bn in annual income for the first time in its 40-year history.

"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," Mr. Tengco stated.

Net operating income after expenses during the quarter stands at PHP 18.99bn, representing a 54.22% increase compared to January-March 2023 figures.

Gaming operations were the primary driver of Q1 revenues, with PHP 22.29bn generated. Notably, the online gaming sector contributed PHP 9.69bn, while licensed casinos brought in PHP 8.04bn. However, revenues from PAGCOR-run casinos under the Casino Filipino brand declined to PHP 3.7bn.

Offshore gaming operations also contributed PHP 860.89 to the 2024 first-quarter total gaming income.

Mr. Tengco emphasised that the online gaming sector will continue to be a major revenue source in the coming years due to innovation and technological integration, offering more excitement and convenience to gamers.

Out of nearly Php19 billion in net income for the first quarter of 2024, Php15.56 billion will go towards Contributions to Nation-Building, encompassing franchise tax, government shares, funding for socio-civic projects, sports incentives and compensation for wrongfully convicted individuals.

This year's first-quarter earnings have surpassed PAGCOR's previous record set in 2019 before the Covid-19 pandemic outbreak, indicating a promising trajectory for the gaming corporation.