Philippine Amusement and Gaming Corporation

PAGCOR records P58.96 billion revenues in 2022; contributions to nation-building up by 51.30%

Thu| 2.2.2023 | 6:30 PM

PAGCOR records P58.96 billion revenues in 2022; contributions to nation-building up by 51.30%

The Philippine Amusement and Gaming Corporation (PAGCOR) posted another record-breaking feat after its total income for 2022 reached P58.96 billion, a 66.16% increase compared to its P35.48 billion total income in 2021.

The biggest contributor to PAGCOR’s revenue achievement was its income from gaming operations which reached P55.05 billion. This amount is 68.71% higher compared to the P32.63 billion earnings in the previous year.

PAGCOR Chairman and CEO Alejandro Tengco expressed optimism that the gaming industry will continue its growth momentum in the coming years.

“Looking at PAGCOR’s upward revenue trend since the first quarter of 2022 up to the end of the year, as well as the recovery path of other gaming hubs in Asia like Singapore and Macau, we are confident that the Philippine gaming sector will be able to fully recover, or even surpass its pre-pandemic earnings soon,” he said.

The gaming industry’s robust performance in 2022 was also attributed to the opening of Philippine borders to local and foreign tourists, which also improved the performance of the travel, entertainment, and hospitality sectors.

“Since the lockdowns were eased in the country last year and gaming venues reopened, customer confidence slowly returned and the attendance in our owned casinos slowly improved. Our licensed casinos likewise recorded a major revenue growth,” Tengco said.

With the significant revenue increase, PAGCOR’s contribution to nation-building also increased by 51.30% -- from P22.91 billion in 2021 to P34.67 billion in 2022.

Of this amount, the lion’s share of P26.15 billion went to the National Treasury as 50% government share. PAGCOR also allocated P3.63 billion for the government’s socio-civic programs. Likewise, P2.75 billion was given to the Bureau of Internal Revenue as 5% franchise tax, while the Board of Claims under the Department of Justice received P33.76 million.

The agency also remitted P1.30 billion to the Philippine Sports Commission (PSC) as its 5% share and additional P64.39 million as Sports Incentives and Benefits. Cities hosting PAGCOR’s Casino Filipino branches also received P451.72 million.

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