PAGCOR reports 5% revenue decline in 2025 as land-based casino earnings weaken

The Philippine Amusement and Gaming Corporation (PAGCOR) recorded total revenues of Php106.03bn ($1.8bn) in 2025, representing a year-on-year decline of 5.09% compared with Php111.72bn in 2024. 

The decrease was primarily driven by lower land-based casino performance and the removal of offshore gaming from PAGCOR’s revenue base.

Gaming operations generated Php95.15bn during the year, slightly down from Php97.53bn in 2024. An additional Php10.88bn was contributed by non-gaming income streams, including interest earnings, service fees and other income.

A notable shift continued within PAGCOR’s revenue mix, with electronic and online gaming accounting for more than half of total gaming revenues. Earnings from eGames, eBingo and bingo grantees rose 9.3% year-on-year to Php53.33bn, helping to partially offset weaker results from land-based venues.

Revenues from PAGCOR-operated casinos fell 18.12% to Php10.38bn, while licensed casinos generated Php31.44bn, down 4.93% compared with the previous year. 

PAGCOR Chairman and CEO Alejandro Tengco attributed the decline in physical casino revenues to changing player preferences, stating: “The decline in revenues from land-based casinos is largely driven by the gradual change in player behaviour, with more customers opting for digital and online gaming platforms.

“This shift underscores the need for regulators to keep pace with how players engage with online gaming products. As digital gaming continues to grow, PAGCOR has implemented significant regulatory upgrades to protect players, promote transparency and ensure that online gaming operates within a secure and well-regulated environment.”

The year-on-year drop was also influenced by the offshore gaming ban, as the segment had contributed close to Php3bn in 2024 but no longer formed part of PAGCOR’s income in 2025.

Despite the lower topline, PAGCOR reported net income of Php17.47bn, an increase of 4.18% from Php16.77bn a year earlier. Total contributions to nation-building reached Php66.95bn, with Php45.19bn remitted to the National Treasury as the Government’s 50% share.

Additional allocations were made to franchise taxes, corporate income tax, sports development, socio-civic programmes and other mandated beneficiaries, reflecting PAGCOR’s continued fiscal role despite softer overall revenues.