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PAGCOR income from gaming operations hits US$1.3 billion in FY23

by Ben Blaschke

Wed 31 Jan 2024 at 14:11

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Philippines gaming regulator PAGCOR has announced net income from gaming operations of Php73.1 billion (US$1.30 billion) in 2023, up 32.8% year-on-year and some 6.75% higher than the official target budget set by the Department of Budget and Management (DBM).

The FY23 result included income of Php21.5 billion in the December 2023 quarter, an improvement of some 38.8% compared with 3Q23 and a new post-pandemic record for the industry. PAGCOR previously revealed gross gaming revenues in 2023 had climbed to US$5.1 billion.

After paying taxes and mandated contributions, the agency’s total comprehensive income in 2023 reached Php6.82 billion (US$121 million), representing a 53.3% improvement over 2022 and 315% higher than DBM had budgeted. PAGCOR paid out Php45.6 billion (US$809 million) in assistance, subsidies and contributions for the year, it added.

PAGCOR licenses and regulates all gaming activities across the Philippines and also operates 43 casinos via the Casino Filipino brand and affiliated satellites.

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Tags: Gaming income PAGCOR Philippines profit

Ben Blaschke

A former sports journalist in Sydney, Australia, Ben has been Managing Editor of Inside Asian Gaming since early 2016. He played a leading role in developing and launching IAG Breakfast Briefing in April 2017 and oversees as well as being a key contributor to all of IAG’s editorial pursuits.

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