The state-run Philippine entertainment gaming company Paccor reported $25.247.2 billion ($437.2 million) in total revenue for the first quarter of 2024. Its first-quarter revenue was up 42.6% from a year earlier and up 29.5% from its previous quarterly record of $14.99 billion achieved in the first quarter of 2019, according to a press release on Sunday. 온라인경마사이트
The announcement quoted Pagco Chairman and CEO Alejandro Tengko as saying the first-quarter results "put us on track to reach 100 billion PHP in annual revenue" in 2024, and would be the first in the state gaming company\'s 40-year history.
"We are excited to announce that Pagco can maintain our growth trajectory in the first quarter of 2024, and this will help us achieve another record year," Mr. Tengko said.
The gaming regulator posted a net profit after spending 18.99 billion PHP in the three months to March 31, up 54.2% from a year earlier.
The gaming business accounted for the bulk of the agency\'s first-quarter revenue with PHP of $22.29 billion. Of that amount, nearly 43.5%, or $9.69 billion, came from the electronic gaming sector, such as "e-bingo, e-games and bingo grantees," Pagcor said.
The country\'s licensed commercial-sector casinos earned $8.04 billion, or about 36.1% of revenue in the first quarter.
Pagcor said sales at the publicly owned casino Philippine game chain "continued to decline," bringing in 3.7 billion PHPs, or 16.6% of the total tally in the first quarter. That\'s down from a nearly 20.7% share that contributed to Pagcor\'s revenue in the first quarter of 2023.
The offshore gaming business was just PHP 860.9 million, or 3.9% of quarterly revenue.
Mr. Tengco reiterated that the e-Games segment will be the organization\'s main source of gaming revenue this year and in the coming years as the e-Games segment "can provide more excitement and convenience to gamers through innovation and technological integration."
"Our solid income also bodes well for the government\'s various social citizenship programs," he added.
Just under PHP15.6 billion of the agency\'s first-quarter net income will be used to contribute to national construction programs in the form of grants, financial aid, and other contributions to the government. Of these payments, Pagco is legally required to deliver more than 50% of its total income to the national government.
In March, Pagco said it had transferred nearly $4.6 billion in cash dividends to the country\'s finance ministry. That figure represents 75% of the agency\'s net income attributable to the 2023 fiscal year, but a portion of the cash represents "advanced" money, it said at the time.