Philippines gaming regulator PAGCOR has announced net income from gaming operations of $1.30 billion in 2023, up 32.8% year-on-year and some 6.75% higher than the official target budget set by the Department of Budget and Management (DBM).
The FY23 result included income of Php21.5 billion in the December 2023 quarter, an improvement of some 38.8% compared with 3Q23 and a new post-pandemic record for the industry. PAGCOR previously revealed gross gaming revenues in 2023 had climbed to $5.1 billion.
After paying taxes and mandated contributions, the agency’s total comprehensive income in 2023 reached $121 million, representing a 53.3% improvement over 2022 and 315% higher than DBM had budgeted.
