The Philippine Amusement and Gaming Corporation (PAGCOR) reported first-quarter 2024 revenue, which increased 42% year-on-year to P25.24 billion. PAGCOR Chairman and CEO Alejandro H. Tengco said this growth puts the company on track to achieve annual revenue of P100 billion this year, which would be an important milestone in the company's 40-year history.

This quarter, PAGCOR’s net operating income after expenses reached 18.99 billion pesos, an increase of 54.22% from the same period last year. The gaming business remains PAGCOR’s main source of revenue, with the electronic gaming industry contributing P9.69 billion and licensed casinos contributing P8.04 billion.

Although revenue from its casino brands declined slightly to P3.7 billion, offshore gaming operations contributed P860.89 million to total gaming revenue.

The Tengco chairman emphasized the importance of the video games industry to gaming revenue, while noting that advances in technology will continue to increase the industry's appeal to gamers. Strong revenues have also had a positive impact on the government's socio-civic programs, including funding a universal health care program that provides health insurance to millions of poor Filipinos.

Of the nearly 19 billion pesos in net profit for the quarter, 15.56 billion pesos will be used for nation-building contributions, including various taxes, shares in local government units, social and civic projects, and funding of sports activities.