Philippines gaming net up 23% in Q1
The Philippine Amusement and Gaming Corp posted earnings of PHP28 billion ($502.9 million) for the first quarter, up 11.2% year on year. That exceeds the government target of PH26.88 billion by 4.45%.
Gaming operations and license fees brought in PHP25.53 billion, or 91% of the total. Business income and service fees made up the balance.
Expenses dropped 15.5% to PHP6.22 billion, down from PHP7.36 billion last year.
E-games, e-bingo generated more than half of revenue
Fifty-six per cent of gaming revenue came from electronic games and e-bingo, for a total of PHP14.32 billion. Licensed and PAGCOR-operated casinos accounted for 44%, for a collective PHP11.2 billion. Net income came to PHP4.22 billion, up 23% year on year.
“This solid performance reflects PAGCOR’s commitment to responsible governance and fiscal discipline,” said PAGCOR CEO and Chairman Alejandro H. Tengco.
PAGCOR’s contributions to nation-building for the period reached PHP18.9 billion, up 21.5% from 2024, Tengco added.
PAGCOR to regulate third-party vendors
PAGCOR also disclosed last week that it is expanding its regulatory authority.
In a 30 April notice, Jeremy B. Luglug, assistant vice president of PAGCOR’s Electronic Gaming Licensing Department, announced the pending release of a Regulatory Framework for the Accreditation of Gaming Affiliates and Support Service Providers.
The development makes third-party providers (payment processors, marketers, KYC solution providers, testing laboratories) subject to direct accreditation by PAGCOR.
It’s the next step in an ongoing clean sweep of the Philippines gaming industry, the third-largest contributor to the national treasury after the internal revenue and customs bureaus.
Increased probity to boost investment
Last year, President Ferdinand Marcos banned Philippine Offshore Gaming Operations due to allegations of rampant crime. In February, following rigorous improvements in its anti-money laundering, counter-terrorism and proliferation financing frameworks, the Philippines was delisted from the Financial Action Task Force grey list of countries at greater risk for money laundering.
The strategy is to put the Philippines on par with other highly regulated gaming jurisdictions and strengthen its appeal to international investors.
PAGCOR also continues a long-term plan to divest of its portfolio of casinos. Lawmakers have criticised the body for its dual role as regulator and operator, calling it a clear conflict of interest.
The sale of 45 PACGOR gaming halls, including nine under the Casino Filipino brand, could reap PHP50 billion for the regulator.
The sell-off, originally set to begin this year, is now expected to be complete in 2026.