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PAGCOR POSTS 42% SURGE IN 1ST QUARTER INCOME TO PHP25.2 BILLION

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The Philippine Amusement and Gaming Corporation (PAGCOR) today said its total income for the first quarter of 2024 has reached Php25.24 billion, a 42.57% increase compared with the same period last year.

The three-month earnings put the state gaming firm on track to reach the Php100 billion annual income for the year, which would be a first in the 40-year history of the state gaming firm, according to PAGCOR Chairman and CEO Alejandro H. Tengco.

“We are happy to announce that PAGCOR is able to sustain our growth trajectory in the first quarter of 2024 and this should help position us into achieving another record breaking year,” Mr. Tengco said.

PAGCOR’s net operating income after expenses during the quarter stands at Php18.99 billion, which is 54.22% higher than the January-March 2023 figure of Php12.32 billion.

Gaming operations accounted for the bulk of Q1 revenues with Php22.29 billion. Of this amount, 43.46% or Php9.69 billion came from the E-Games sector (eBingo, eGames and Bingo grantees) while licensed casinos (integrated resorts) brought in Php8.04 billion (36.06%).

However, revenues from PAGCOR-run casinos under the Casino Filipino brand continued to slide, earning Php3.7 billion or 16.62% of the 1st quarter total. This is down from the 20.68% share it contributed to PAGCOR’s revenues in 2023.

Offshore gaming operations for its part contributed Php860.89 million or 3.86% of the 2024 1st quarter total gaming income.

“As we said earlier, the E-games sector will be our major source of gaming revenues this year and in the next few years as innovation and technological integration allows the sector to offer more excitement and convenience to gamers,” Mr. Tengco said.

“Our robust earnings also bode well for the government’s various socio-civic programs including funding for the Universal Healthcare Program which provides health insurance to millions of poor Filipinos through Philhealth,” he added.

Of the agency’s nearly Php19 billion net income in the first quarter of 2024, Php15.56 billion will go to its Contributions to Nation-Building. This includes the 5% franchise tax; 50% government share; shares for LGUs hosting PAGCOR casinos; other socio-civic projects; 5% share of the Philippine Sports Commission; funding for the Sports Incentives and Benefits Act; and 1% share of the Board of Claims to compensate persons who are wrongfully convicted.

PAGCOR’s previous earnings record was established in 2019 before the pandemic outbreak. In the first quarter of that year, total income was at Php19.49 billion, a number easily surpassed by this year’s first quarter earnings by nearly 30%

Asia

Chinese Embassy Urges Philippines to Ban POGOs

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The Chinese Embassy in the Philippines has urged the Philippine government to ban its offshore gaming industry, claiming that the “vast majority” of Chinese citizens involved in their operations are victims.

In an official statement attributed to a spokesperson, the embassy also denied any involvement in the Philippine Offshore Gaming Operators (POGO) industry after uniforms of the Chinese People’s Liberation Army (PLA) and the Chinese People’s Armed Police Force were discovered during a raid on a POGO compound in Pampanga earlier this month.

“We appeal to the Philippines to ban POGO at an early date so as to root out this social ill. And we firmly oppose any baseless accusation and smearing against China in connection with POGO,” the statement said.

The statement went on to say, “Chinese law prohibits all forms of gambling. The Chinese government strictly cracks down on Chinese citizens engaging in gambling business abroad including POGO. Ample evidence shows that POGO breeds serious crimes such as kidnapping for ransom, human trafficking and murder. POGO is detrimental to both Philippine and Chinese interests and images as well as China-Philippines relations.

“In recent years, the Chinese and Philippine law enforcement agencies have maintained close communication and cooperation and conducted multiple joint operations to bring down cross-border gambling and telecom fraud. Since 2018, nearly 3000 Chinese citizens implicated in the cases have been repatriated with joint efforts of both sides. In the past year alone, China has assisted the Philippines in shutting down five POGO hubs and repatriated nearly 1000 Chinese citizens.

“The vast majority of the Chinese citizens involved in these cases are victims of the Philippine offshore gambling industry. The Chinese government is committed to protecting the legitimate rights and interests of Chinese citizens.”

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Asia

Pronet Gaming Triumphs at SiGMA Asia

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Pronet Gaming, an award-winning platform provider of full turnkey solutions, debuted at SiGMA Asia earlier this month with a stellar performance.

Held in Manila, Philippines, from 3 to 5 June at the SMX Convention Centre in Pasay City, the conference served as the perfect venue for Pronet Gaming to showcase its commitment to innovation, excellence and expansion in the vibrant Asian market.

Among the highlights of Pronet Gaming’s presence at SiGMA Asia was the “Best Multi-Channel Provider 2024” award that the company bagged at the SiGMA Asia Awards held on opening night. The recognition spoke volumes of Pronet Gaming’s unwavering dedication to delivering leading-edge solutions across multiple platforms, solidifying its position as a frontrunner in the iGaming industry.

In attendance were the Pronet Gaming team from both the London and Manila offices who gave an impressive showing, demonstrating the company’s global reach and commitment to providing unparalleled support to its partners. Their participation underlined Pronet Gaming’s mission to foster strong relationships and deliver tailored solutions to meet the unique needs of operators worldwide.

One of the standout attractions at the Pronet Gaming booth was the Spin-to-Win wheel, which captivated attendees and quickly emerged as a crowd favourite. With people queuing in droves for a chance to win exciting prizes, it proved to be thematic with Pronet Gaming’s ability to engage and delight audiences.

Alex Leese, CEO of Pronet Gaming, took the stage as a keynote speaker, participating in a fireside chat that offered valuable insights into the future of Asian iGaming businesses diversifying into other jurisdictions. More than galvanising Pronet Gaming’s thought leadership and deep understanding of the opportunities and challenges shaping the industry’s landscape, Leese spoke reassuringly of the giant strides his company has made toward setting up shop in Asia, as well as outlining a path to helping local Asian operators to expand their global reach into Europe & LATAM.

“One year ago, we were only at the ‘we will be in Asia, and we are on our way’ stage. As I speak here today, I am now proud to say that we have the office, we have the team, and we have the PAGCOR accreditation. Next time, I will be saying that we are established, with a much larger existing team, and operator clients on board. My aim is to be here again next year to say that we are well and truly on the ground,” Leese said.

SiGMA Asia provided an invaluable platform for Pronet Gaming to forge new connections and explore opportunities in the burgeoning Asian market. As the company gears up to launch its operations in Asia, the event served as a springboard for establishing strategic partnerships and fostering collaborations that will drive growth and success in the region.

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Asia

GamingCon – India’s Newest Gaming Festival

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Gear up for an unparalleled gaming experience as GamingCon, India’s inaugural gaming festival, arrives in Mumbai at the NESCO Center from November 30 to December 1, 2024. This groundbreaking event is set to transform the Indian gaming landscape. It offers a blend of innovation, entertainment, and community engagement. Celebrating the Spirit of Indian Gamers, GamingCon marks a new era for the gaming community in India.
Unleashing the Potential of India’s Gaming Industry
As the first of its kind in India, GamingCon showcases pioneering advancements in gaming technology providing a platform for gamers, tech enthusiasts, and pop culture fans to unite. The event promises an unforgettable experience with:
● Hands-On Gaming Experiences: Attendees will explore the latest games, product launches, and VR experiences. This offers an immersive dive into the latest in gaming technology.
● Insightful Conferences: Industry experts, animators, VFX artists, and development teams will engage in discussions providing insights into the fun and serious sides of gaming.
● Cosplay Events: A vibrant cosplay event where attendees can dress as their favorite gaming characters and compete for exciting prizes.  ● Career Focus: A dedicated career zone where aspiring game developers, designers, and artists can meet potential employers.
● Influencer Interactions: Leading gaming influencers will connect with fans through live gameplay, and how-to sessions.
Vikas Vij, the Managing Director for IDEX Events, organizer of GamingCon, brings his extensive global event experience and passion for gaming to spearhead this transformative event. “GamingCon is not just an event; it’s a celebration of the vibrant and rapidly growing gaming culture in India. We are thrilled to bring together gamers, developers, and industry leaders to create an experience that will inspire and connect the gaming community,” said Vikas Vij.
Under his leadership, GamingCon aims to create a dynamic platform for the gaming community in India.
Why Attend GamingCon?● Network and Connect: A unique opportunity for developers, marketers, streamers, YouTubers, and influencers to network, learn, and grow.
● Brand Exposure: Over 10,000 gamers and tech enthusiasts, along with 100+ gaming, tech, and lifestyle brands will come together under one roof.
● Interactive Experiences: Attendees can engage with interactive demos and activities, creating memorable experiences.
Participation and Sponsorship
GamingCon provides a platform for brands and attendees to forge valuable connections with industry leaders, game developers, publishers, and fellow gaming enthusiasts. Whether you’re looking to explore potential partnerships, collaborate on future projects, or simply connect with like-minded individuals, GamingCon is the place to be. Don’t miss this opportunity to be a part of India’s premier gaming event and position your brand at the forefront of the gaming industry. Reserve your booth or sponsorship package today and unleash the power of your brand at GamingCon!
A Growing Industry
India’s gaming industry is experiencing exponential growth. By 2028, the country is expected to have over 900 million gamers. The market revenue is projected to reach USD 6.26 billion, driven largely by in-app purchases and ad revenues. GamingCon will showcase the very best of this exciting industry and its potential to both local and global audiences. (Source: “State of India Gaming’ Report FY23, released by Lunikai in collaboration with Google)
Be Part of History
Don’t miss out on the chance to be part of history as GamingCon marks a new era for the Indian gaming community. Join us at the NESCO Center in Mumbai and witness the future of gaming!
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