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PAGCOR REVENUES HIT NEW RECORD HIGH OF PHP112 BILLION IN 2024
The Philippine Amusement and Gaming Corporation (PAGCOR) today said its revenues hit a new record high of Php112 billion in 2024, nearly 41% more than the Php79 billion in the previous year, on the back of the sustained robust performance of the Electronic Games Sector.
Net operating income was at Php84.97 billion, or 51% higher than the year-ago level of Php56.38 billion, while net income after deducting its Php68.21 billion contributions to nation building was at Php16.77 billion.
“We are proud to announce that our 2024 financial performance is the best so far in the history of PAGCOR, and we thank our employees and stakeholders for making such achievement possible,” PAGCOR Chairman and CEO Alejandro H. Tengco said.
Prior to 2024, the highest gross operating revenue on record for PAGCOR was in 2019 – before the pandemic outbreak – when the state gaming firm generated Php81.98 billion.
Gaming operations and license fees remained the primary revenue sources, contributing Php97.52 billion, while other revenue streams including business income and service fees added Php14.18 billion.
Net income more than doubled from Php6.81 billion in 2023 to Php16.76 billion in 2024.
Mr. Tengco attributed the agency’s remarkable financial performance to the E-Games and E-Bingo sectors which contributed Php48.79 billion or 50.03% of the 2024 gaming revenues.
“The continuous growth of the E-Games sector is the key driver of PAGCOR’s record-breaking performance,” Mr. Tengco said. “It reflects the increasing popularity of digital gaming platforms and the transformative impact of technology on the industry.”
The licensed casino sector chipped in 33.91% or Php33.07 billion to PAGCOR’s 2024 revenue pie while the agency’s Casino Filipino venues contributed 12.99% or Php12.67 billion.
Although the Philippine Offshore Gaming Operations (POGOs) ceased in December 2024 on orders of the President, the sector still contributed Php2.99 billion, or 3.07%, to gaming revenues.
With bigger revenues, PAGCOR also significantly increased its contributions to nation building (CNB) by 37.61% to Php68.20 billion from Php49.56 billion in 2023.
“Our 2024 revenues allowed us to support more government programs and other nation-building initiatives,” Mr. Tengco said.
Remittances to the National Treasury reached Php46.32 billion which was 33.39% higher than the 2023 remittance of Php34.72 billion.
PAGCOR also remitted Php4.87 billion in franchise taxes and Php1.09 billion in corporate income taxes to the Bureau of Internal Revenue.
The Philippine Sports Commission received Php2.31 billion, while Php91.88 million was allocated as cash incentives for athletes and coaches who won in international competitions including the 2024 Paris Olympic and Paralympic Games.
PAGCOR also released Php12.37 billion to fund socio-civic programs under the Office of the President.
Other mandated beneficiaries of PAGCOR’s 2024 revenues included cities hosting Casino Filipino branches which received Php698.60 million; the Board of Claims under the Department of Justice which was allocated Php178.80 million; and the Renewable Energy Trust Fund, which received Php248.01 million.
PAGCOR had surpassed the Php100 billion revenue mark only once, in 2018, when it recorded Php104.12 billion but it included a one-time sale of property worth Php32.71 billion.
The post PAGCOR REVENUES HIT NEW RECORD HIGH OF PHP112 BILLION IN 2024 appeared first on European Gaming Industry News.
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Oddsgate launches 2025 trend guide for the iGaming market
The post Oddsgate launches 2025 trend guide for the iGaming market appeared first on European Gaming Industry News.
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Quick Custom Intelligence and Modulus Celebrate Success at ICE
Quick Custom Intelligence (QCI), a leading provider of cutting-edge business intelligence solutions for the casino industry, and Modulus, an innovator in advanced gaming system technology, are pleased to announce a successful showcase at the International Casino Expo (ICE).
Throughout the event, both companies met with dozens of current customers and new prospects, demonstrating the latest in AI technology and data-driven business intelligence tools.
By joining forces in the Modulus booth, QCI and Modulus underscored the synergy of their combined technologies, generating excitement among attendees. The live demos highlighted how these next-generation solutions can empower casinos to make data-driven decisions, enhance customer engagement, and streamline operations.
“The energy at this year’s ICE was truly inspiring,” said Marc Attal, COO of Modulus. “Our newest technology received an exceptional response, and our digitalization strategy for slots and tables resonated deeply with clients who clearly saw the benefits of optimization it brings. Showcasing QCI’s solutions in our booth amplified our message and created an immersive experience that highlighted the potential of the cutting-edge AGI55 platform. The excitement and enthusiasm from both existing and prospective clients made this one of our most successful shows yet, reaffirming our commitment to innovation and excellence.”
“It was fantastic to be part of the show,” remarked Andrew Cardno, CTO of QCI. “Meeting so many new customers and prospects has sparked a sense of excitement and optimism for what lies ahead for QCI in the global casino market. We are grateful to Modulus for the opportunity to partner in showcasing how our integrated solutions can help casinos operate more efficiently and profitably.”
Both companies look forward to expanding their footprint in international gaming markets, fueled by the success and enthusiasm generated at ICE. QCI and Modulus remain committed to developing innovative technologies that drive real-world results for casino operators everywhere.
The post Quick Custom Intelligence and Modulus Celebrate Success at ICE appeared first on European Gaming Industry News.
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TEAM VITALITY PRESENTS ITS NEW ROSTER VALORANT THROUGH THE LEGACY CAMPAIGN
- After achieving an exceptional end to the 2023-2024 season, Team Vitality returns with strong European and International ambitions.
- Since the start of the season, two superstars have joined the ranks of the Team Vitality roster: Derke and Less, alongside Sayf (IGL), Kicks and Trexx. The club’s new ambassador: Ardiis, will cast their matches all year round. With this team, the goal is simple but audacious: lay the foundations for a new legacy, make history on this new stage and qualify for the VALORANT Champions.
- Thus, Team Vitality is preparing to write a brand new FPS game story supported by the LEGACY campaign. And its first Ice & Fire chapter begins today!
Team Vitality proudly presents its VALORANT roster for the 2025 season. After securing a second European place and qualification for the VALORANT Champions 2024 at the end of last season, the team will endeavour to maintain its high standards and continue to shine on the European (VCT) and international scene. The first key meeting for this team is at the VALORANT Bangkok Masters 2025 on February 27th.
With a combination of youth, talent and experience, Team Vitality is proud to welcome two new international talents to the roster, with an already established track record in the game: Finnish-Russian Derke, the Brazilian powerhouse Less, and a new coaching staff.
A FIVE STAR ROSTER TO CONQUER THE WORLD
Team Vitality returns more determined than ever to the VALORANT scene. With two new players joining Kicks, trexx and Sayf (IGL and Team Captain), hoping to win a VCT title. In addition to this brand new roster, Team Vitality also integrates a new experienced coaching staff with the arrival of Faded.
New players and coaching staff
- Nikita “Derke” Sirmation (Finnish-Russian) – 21 years old: Former Counter-Strike player who switched to VALORANT. Considered one of the top three duelists of all time, Derke is known for his exceptional skills and decisive impact during matches and dominated the VCT:2023 LOCK//IN and the VCT Masters Tokyo in the same year – a feat never achieved before. With his international experience, Derke is ready to bring his strategic vision and talent to the team.
- Felipe “Less” Basso (Brazilian) – 19 years old: A true VALORANT prodigy, Less quickly gained attention with his excellent mechanics and superhuman reflexes. At the age of 17, he won the VALORANT Champions in 2022 and the VCT Americas League in 2023 and is considered one of the best players in his role as Sentinel.
- Daniel “Faded” Hwang (American) – 30 years as Head Coach: Faded has already coached within the TSM organisation and qualified for Ascension Finals in Mexico – all in his first year as a head coach! He has proven himself capable of developing talent and achieving exceptional results.
The new 2025 roster now stands as:
- Kimmie “Kicks” Lassner
- Saif “Sayf” Jibraeel (IGL)
- Nikita “trexx” Cherednichenko
- Nikita “Derke” Sirmitev
- Felipe “Less” Basso
For this new season, the talented Sayf has taken on the key role of IGL within the team. Elected duelist of the 2024 season in VCT, Sayf will have the important task of leading his team to victory.
With the arrival of two additional superstars to the team, Team Vitality sends a strong message: VALORANT is a priority for the club. While the VALORANT Champions will take place in Paris, the club’s homeland, Team Vitality hopes to make an impression at home.
“VALORANT is a vital scene for us. We were keen to strengthen the existing team with even more experienced profiles as we seek performance and aim for excellence. And this season is special: we hope to be able to defend our chances of victory at home, in Paris.” explains Fabien “Neo” Devide, President and co-founder of Team Vitality.
LEGACY CAMPAIGN: AN ICE & FIRE ROSTER [CHAPTER 1]
Team Vitality is embarking on this new season with a clear and unwavering ambition: to write a new legacy on a key FPS game and shine at the VALORANT Paris Champions. To support this, Team Vitality is launching LEGACY, a campaign that will follow the team in three key chapters until the Champions next September.
https://x.com/TeamVitalityVAL/status/1879931306143887621
The first chapter of this campaign begins at the Bangkok Masters on February 27th and will notably feature the two new stars of the team. The campaign will play on the elements of the roster: Derke, a Finnish player, known for his exemplary composure, embodies serenity and concentration. Less, a Brazilian player, with an explosive style of play, flamboyant actions and an energy capable of igniting his teammates. Together, they symbolise a complementarity of qualities essential for the roster’s goal of reaching the top.
VCT BUNDLE VITALITY: PLAY LIKE LESS OR DERKE!
Team Vitality is proud to announce that its official VCT bundle is now available for purchase via the in-game shop. These exclusive bundles embody the club’s unique identity and allow fans to proudly wear Hive’s colours, while supporting the team in its quest for glory on the VALORANT scene.
Each piece has been carefully designed to reflect Team Vitality’s competitive spirit and boundless ambition.
https://x.com/TeamVitalityVAL/status/1876293118762315799
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The post TEAM VITALITY PRESENTS ITS NEW ROSTER VALORANT THROUGH THE LEGACY CAMPAIGN appeared first on European Gaming Industry News.
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