On July 20, the Philippine Amusement and Gaming Corporation, PAGCOR, the Philippine gaming regulator, revealed overnight that its rise in total profit by 35.6% in the first six months of 2023 to Php36.21 billion (US$663 million) was driven by a 48.7% rise in gross gaming income to Php136.37 billion (US$2.50 billion).
Although the regulator has yet to publicly reveal its results for the June 2023 quarter alone, it formerly reported first-quarter income of Php17.7 billion (US$324 million), showing second-quarter revenue reaching Php18.5 billion (US$339 million) across a number of operations. In this regard, the agency said: “Our revenues for the first half of 2023 were 6.7% lower than its pre-pandemic output of Php38.8 billion (US$710 million) in 1H19.”
In this regard, PAGCOR President and CEO Alejandro Tengco said: “PAGCOR will certainly ride on the tide of our country’s economic growth. As economic activities reach pre-pandemic levels, we are optimistic that we can sustain the gaming industry’s growth momentum as we fortify our regulatory policies to attract more investors in the Philippines.”
Although the regulator has yet to publicly reveal its results for the June 2023 quarter alone, it formerly reported first-quarter income of Php17.7 billion (US$324 million), showing second-quarter revenue reaching Php18.5 billion (US$339 million) across a number of operations. In this regard, the agency said: “Our revenues for the first half of 2023 were 6.7% lower than its pre-pandemic output of Php38.8 billion (US$710 million) in 1H19.”
In this regard, PAGCOR President and CEO Alejandro Tengco said: “PAGCOR will certainly ride on the tide of our country’s economic growth. As economic activities reach pre-pandemic levels, we are optimistic that we can sustain the gaming industry’s growth momentum as we fortify our regulatory policies to attract more investors in the Philippines.”
