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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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Nagoshi Studio Unveils GANG OF DRAGON, a New Action-Adventure Game from Director Toshihiro Nagoshi
Steam page: store.steampowered.com/app/4146000/
GANG OF DRAGON
is a new action-adventure game set in Kabukicho, Shinjuku, Tokyo’s iconic nightlife district. Protagonist Shin Ji-seong is a high-ranking member of a Korean crime syndicate, and is portrayed by celebrated Korean actor Ma Dong-seok (Don Lee).This new story will engage players in an exciting way and showcase increadible graphics for an action packed adventure. Viewers of The Game Awards were the first to get a look at the new footage!
About Toshihiro Nagoshi
The post Nagoshi Studio Unveils GANG OF DRAGON, a New Action-Adventure Game from Director Toshihiro Nagoshi appeared first on Gaming and Gambling Industry Newsroom.
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Blask & Gamblers Connect Enter A New Media Partnership
Gamblers Connect, the award-winning iGaming affiliate and media platform, is proud to announce a new media partnership with Blask, a leading AI-powered analytics ecosystem dedicated to the iGaming industry.
This collaboration marks a pivotal step in the company’s mission to provide the most accurate, transparent, and data-backed content. Under the terms of this agreement, Blask will provide Gamblers Connect with complete access to its cutting-edge market intelligence platform.
This suite includes the Blask Index and real-time data tracking across more than 100 jurisdictions, allowing for granular analysis of market dynamics, brand performance, and player behaviour. By integrating these professional-grade tools into the editorial process, Gamblers Connect will elevate the depth and precision of its industry reporting.
The cornerstone of this partnership is a commitment to sharing knowledge with the wider iGaming community. Gamblers Connect will produce four exclusive case studies throughout 2026. Released once per quarter, these comprehensive reports will utilise Blask’s advanced analytics to uncover emerging trends, benchmark operator performance, and provide actionable insights for industry stakeholders.
This alliance represents a shared vision for a more transparent iGaming sector. By combining Blask’s technological prowess with Gamblers Connect’s editorial expertise, the aim is to set a new standard for data-driven journalism.
Max Tesla, Blask CEO, commented: “Partnering with Gamblers Connect is a natural step for Blask. We are building an ecosystem of transparent analytics that empowers the industry, and GC is one of the few media partners that truly values data and knows how to work with it. I’m confident this collaboration will strengthen both sides and deliver more accurate, trustworthy, and insight-driven content to the iGaming community.”
Gjorgje Ristikj, Founder & CEO at Gamblers Connect, added: “Partnering with Blask allows us to combine their strong analytical framework with our media expertise. It’s a collaboration grounded in trust and mutual respect, with the shared goal of delivering meaningful and measurable results to the industry.”
The post Blask & Gamblers Connect Enter A New Media Partnership appeared first on Gaming and Gambling Industry Newsroom.
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Law enforcement officers from Kazakhstan eliminated the organized financial criminal group organized by Vadim Gordievsky, Larisa Ivchenko, and Alyona Suvorova from Ukraine
The law enforcement agencies of Kazakhstan have effectively eliminated the organized criminal group created by Vadim Gordievsky from Ukraine and his accomplices, Larisa Ivchenko and Alyona Suvorova. Even though the law enforcement agencies managed to block accounts and payments of the Marginplus Company, key employees and management are still hiding.
According to the media, just a few days ago, the Financial Monitoring Agency of the Republic of Kazakhstan revealed a large-scale shady scheme of cross-border transfers that involved numerous payment organizations and providers. The funds were disguised as legal transactions and withdrawn to the accounts of online casinos. The total volume of illegal transactions exceeded more than $1 billion.
According to law enforcement authorities in the Republic of Kazakhstan, the key organizer of the miscoding scheme, which involved bookmakers, online casinos, payment organizations, and bank employees, is Vadim Ivanovich Gordievsky from Ukraine, who was born in 1974. He was the leader of the organized criminal group and used the local Marginplus Company for these purposes (official website: marginplus.kz). In addition to companies from Kazakhstan, Gordievsky also worked with illegal Russian online casinos while helping them to facilitate illegal payments.
According to new information from law enforcement agencies in the Republic of Kazakhstan, banks and bookmakers, including the local PIN-UP bookmaker, have already terminated all cooperation with Gordievsky’s Marginplus company.
According to informburo.kz, the local licensed Pin-Up.Kz bookmaker (legal entity: Bonami LLP) declares that it has nothing to do with transactions carried out by individual payment organizations. Judicial and criminal proceedings have already been initiated against these structures, and the company itself is fully cooperating with law enforcement agencies to establish all the circumstances and identify fraudulent, shady schemes.
According to unofficial information, the Pin-Up management provided the law enforcement agencies of the Republic of Kazakhstan with all the data related to the Marginplus company belonging to Vadim Gordievsky.
As of today, all financial activities of Marginplus have been paralyzed. In addition, large amounts of money have been blocked in its bank accounts. This money should have been paid to partners, contractors, and providers, including the local Parimatch betting company. Ordinary employees of Vadim Gordievsky’s company are already looking for new work while its management, including Larisa Vladimirovna Ivchenko (listed as the head of Gordievsky’s FC Alta Capital from Ukraine), is still hiding. Alyona (Elena) Suvorova has already closed and renamed her social media profiles a few days ago. In addition, she does not respond to messages and is trying to evade responsibility.
We would like to remind the audience that Alyona Suvorova positions herself “as an entrepreneur, investor, and a crypto trader with 5+ years of experience.” According to Suvorova herself, she has been developing payment technologies in the field of FinTech for 10 years. In 2021, she opened her own business for international crypto transfers. In addition, she is the founder of the Lemoncoin Crypto Academy.
According to investigators, Gordievsky’s partner, Mikhail Kovalev (Mykhaylo Kovalov), who is a citizen of both Ukraine and Israel, as well as an owner of a number of companies in the EU, in particular, in Poland, and who has a residence permit in Spain, was closely working with Gordievsky. By using the STABLEX SOLUTION Sp. z o. o fictitious company (official website: solvexs.pl) in Poland, he was engaged in illegal payments and withdrawal of cryptocurrencies into fiat money.
At the same time, as the source notes, the mentioned management and the people involved in the money laundering of Marginplus Company will be added to the wanted list of Interpol in the nearest future. The National Security Committee of the Republic of Kazakhstan has also announced that it’s going to closely monitor this case. According to local laws, participants of this shady scheme face up to nine years in prison. Information on Vadim Gordievsky’s companies and connections in other countries is also being checked.
After the initiation of criminal cases for financial crimes, fraud, and the announcement of his wanted list by the Ministry of Internal Affairs, Vadim Gordievsky left Ukraine on forged documents. Before diving into the world of financial fraud, he was involved in land and property issues in the Kyiv region. As of today, numerous criminal cases have been initiated.
The post Law enforcement officers from Kazakhstan eliminated the organized financial criminal group organized by Vadim Gordievsky, Larisa Ivchenko, and Alyona Suvorova from Ukraine appeared first on Gaming and Gambling Industry Newsroom.
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