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PAGCOR 2023 REVENUES UP 35% TO PHP79.4 BILLION

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The Philippine Amusement and Gaming Corporation (PAGCOR) today said it booked Php79.37 billion in revenues in 2023, up 34.63% from last year’s Php58.96 billion, driven mainly by robust earnings from licensed casinos and the rising Electronic Games sector.

Gaming operations remain the main source of PAGCOR revenues with Php73.11 billion while other sources such as services, business income, gains and non-operating income contributed Php6.26 billion.

Net income was at Php6.81 billion, a 53.27% increase from the agency’s Php4.44 billion profit in 2022.

PAGCOR Chairman and CEO Alejandro H. Tengco said the higher earnings enabled the state gaming firm to increase its contribution to nation-building (CNB) to Php49.56 billion which is 43% higher than the Php34.67 billion CNB in the previous year.

“Our robust revenue generation in 2023 allowed us to remit more funds to the government to finance various services, including funding for the Universal Health Care program, also known as Philhealth,” the PAGCOR chief said.

Chairman Tengco said that the lion’s share of PAGCOR’s CNB amounting to Php34.72 billion has been remitted to the National Treasury. Half of the amount or Php17.36 billion will go to Philhealth to provide free health care coverage to millions of poor Filipinos.

PAGCOR also remitted Php3.65 billion to the Bureau of Internal Revenue as 5% franchise tax and another Php285.20 million for the agency’s corporate income tax.

Other recipients of PAGCOR’s 2023 earnings include the Philippine Sports Commission (Php1.73 billion) while a separate Php92.58 million was given to athletes and coaches who won in international competitions as mandated by the Sports Incentives and Benefits Act.

PAGCOR will also remit Php3.06 billion in cash dividends to the National Treasury, while local government units hosting Casino Filipino branches collectively will get Php451.72 million.

The Board of Claims under the Department of Justice will also receive Php63.12 million to compensate persons who have been wrongly imprisoned.

“With the Philippine gaming industry’s full recovery from the impact of the pandemic, we are optimistic that PAGCOR will sustain this growth momentum in the coming years,” Chairman Tengco said.

The biggest revenue drivers for PAGCOR in 2023 are the licensed casinos in the country’s integrated resorts which contributed Php33.18 billion or 45.38% of the income from gaming operations.

This was followed by the surging E-Games sector which includes e-bingos, e-games, specialty games and sports betting with Php21.66 billion or 29.62% of gaming income, while PAGCOR-run casinos chipped in Php15.12 billion or 20.68%.

Offshore gaming operations brought in Php3.15 billion or 4.31% of PAGCOR’s total gaming revenues.

Earlier, Chairman Tengco announced that the Philippine gaming industry’s gross gaming revenues in 2023 reached a record Php285.27 billion which already surpassed pre-pandemic levels. #

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Asia

IN7.COM LTD 2024 Goals: Expands Indian Market and Fortifies Charitable Activities

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IN7.COM, a highly popular gaming and online sports platform, primarily caters to the Indian market and has expanded its services to Brazil.

Bolstered by rapid growth in the online sports and gaming sectors, IN7.COM LTD plans to enlarge its local service team to over 1000 professionals by the end of 2024. This expansion encompasses a spectrum of roles, including seasoned gaming specialists such as customer support, product managers, data scientists, analysts, as well as social media and digital marketing experts, and engineers.

The objective is clear: to elevate user experience and platform performance, ensuring seamless support and service delivery while crafting captivating, visually stunning, and technologically advanced gaming experiences.

Charitable Activities:

IN7.COM LTD owns a charitable department, actively engaging with communities in need by reinvesting a portion of its profits into societal welfare.

IN7.COM’s charitable activities encompass providing vital assistance to impoverished regions and caring for stray animals. Last week, employees of the department distributed heartwarming gifts to two children’s charity homes in Africa, containing essentials such as rice, beef, pencils, books, snacks, and toys.

The department head said, “IN7.COM also plans to establish a sports charity organization in the future, aiming to offer sustainable growth opportunities for outstanding individuals, groups, or organizations dedicated to sports development.”

 

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Asia

NODWIN Gaming appoints former TEC Co-Founder Ishaan Arya as Vice President of Sales & Partnerships

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NODWIN Gaming, the leading South Asian gaming and Esports company, has appointed Esports veteran Ishaan Arya, as Vice President of Sales and Partnerships to bolster its leadership team.

With over a decade of experience, the former co-founder of The Esports Club has played a pivotal role in spearheading some of the country’s largest gaming and Esports events, including The Arena, India’s premier consumer gaming event. His guidance not only propelled The Esports Club to unprecedented heights but also facilitated its expansion beyond India into the markets of the Middle East and Southeast Asia.

In his new role at NODWIN Gaming, Ishaan will focus on enhancing the value of the company’s existing IPs, such as BGMS, DreamHack India, NODWIN India Premiership, Valorant Challengers South Asia, and Comic Con India, ensuring their sustained growth and global audience engagement. He will be working on new brand partnerships, initiatives and innovating IPs as NODWIN Gaming pushes the boundaries in the gaming, esports, and lifestyle segments.

Sharing his thoughts, Ishaan Arya, Vice-President of Sales and Partnerships at NODWIN Gaming, stated, “I am excited to join NODWIN Gaming to contribute to their massive roster of global gaming, esports, and lifestyle events. As one of the top new-age sports media organizations in the world, NODWIN Gaming’s visionary approach and global roadmap have always been top-notch. Alongside a fantastic team, I am eager to utilize my expertise in large-scale gaming events and publisher partnerships to elevate the company to new heights.”

“At NODWIN, we pride ourselves in encouraging our leaders to take ownership in various aspects of the business. As a founder himself, Ishaan not only brings a wealth of knowledge and experience but will also drive innovation and growth across key verticals of our gaming and entertainment segments,” said Akshat Rathee, Co-Founder and Managing Director of NODWIN Gaming.

Since its inception, NODWIN Gaming has cemented its position as a frontrunner in the global gaming and Esports industry. The company has been making significant strides in venturing beyond Esports, recently acquiring Comic Con India, alongside obtaining a 51% stake in the Singapore-based media company Branded.

With experience working with Comic Con India as well as industry giants like NVIDIA, Intel, LG, Lenovo, Dell, JBL & Amazon, in the past, Ishaan will be a key addition to NODWIN Gaming as they drive innovation and progress in the gaming and Esports sector.

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Asia

NOVOMATIC Showcases Exceptional Highlights at G2E Asia in Macao

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This year’s G2E Macao was a great success for NOVOMATIC. The gaming technology leader set new standards in the industry, with innovative products, state-of-the-art technologies and impressive new gaming solutions that were exceptionally well received by visitors and technology enthusiasts alike.

NOVOMATIC showcased its internationally acclaimed DIAMOND X cabinets and introduced new gaming content. The sophisticated J-curved DIAMOND X 1.55J featured the XTENSION LINK Volume 2, a high-performing Linked Progressive title with five new games, including internationally popular titles such as Golden Book of Ra and Golden Charming Lady in their exclusive XL versions. CASH FLOOD Link, another fan favourite, was also presented in the DIAMOND X 1.55J cabinet. This new Linked Progressive includes the titles Secrets of Wealth, Magic Cleopatra, and Roll on Fire – a trio that ensures three times the excitement on the gaming floors.

The multi-screen DIAMOND X 2.32/3.32 also attracted lots of attention, featuring the latest Linked Progressive Superia GOLDEN LINK Volume 2. This Jackpot offers a captivating gaming experience and golden winning chances with five new games, including Mermaid Beauty, Shanghai Club, Queen of the Night Magic, Empress Sissi, and all time NOVOMATIC favourites such as Golden Book of Ra and Golden Charming Lady.

A standout feature of NOVOMATIC’s presentation at G2E Macao was the brand new ETG solution, NOVO UNITY PRO. This advanced system enhances the casino floor with unparalleled functionality and flexibility to meet the demands of the future, enabling the integration of electronic live games such as SicBo and Baccarat as well as Roulette, Poker, Black Jack and slot games across numerous player stations. The innovative Simultaneous Betting functionality promises a new level of game engagement for players and offers the option to play up to three electronic live games at the same time.

The NOVOVISION casino management system revolutionises casino operations with an extensive range of features that go far beyond traditional accounting, jackpots, player tracking, cashless and TITO transactions. NOVOVISION also introduces biometric technologies for player recognition as well as access and payment solutions, setting new standards for the management of gaming operations.

Thomas Schmalzer, VP of Global Sales and VP of Product Management at NOVOMATIC AG, said: “As one of the most important trade shows for the Asian market, the G2E in Macao was an exceptional opportunity for NOVOMATIC to connect with our customers and expand our market presence. We are very pleased with our continuous growth in Asia and are proud to have presented a powerful portfolio of products and solutions at the trade show. We are looking forward to further strengthening our position as an industry leader using a specific product strategy and content tailored for the local markets.”

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