The Philippine Amusement and Gaming Corporation (PAGCOR) posted a net income of Php17.52 billion ($296 million) for 2025, up 4.18% from the previous year, even as total revenues fell 5.09% to Php106.03 billion ($1.79 billion), the state-run operator announced Tuesday.
The surprising profit growth came despite a sharp decline in land-based casino earnings and the complete removal of offshore gaming operators (POGOs) from its revenue stream following the nationwide ban implemented in 2024.
Land-Based Casinos Take Heavy Hit
Earnings from traditional brick-and-mortar casinos continued their steep decline in 2025, dragged down by lower visitor numbers and tighter spending from both local and foreign players.
PAGCOR’s own Casino Filipino branches and licensed private casinos in Entertainment City saw gross gaming revenue drop significantly compared to pre-pandemic peaks. Industry sources say high rollers from mainland China, once the lifeblood of VIP tables, have still not returned in full force.
The shift away from land-based gaming is now irreversible, Chairman and CEO Alejandro H. Tengco admitted during the year-end performance briefing.
Online and Electronic Games Save the Day
Electronic gaming stations (eGames), eBingo, and specialty games operated by licensed sites delivered the strongest performance of the year.
These digital verticals generated Php53.33 billion ($902 million) in 2025, accounting for more than 56% of total gaming revenue and posting a solid 9.30% year-on-year increase.
“This proves that Filipino players have fully embraced convenient and accessible gaming options,” Tengco said. “The growth in eGames and eBingo more than offset the weakness we saw in physical casinos.”
End of POGO Era Fully Felt
2025 was the first full year without any revenue contribution from Philippine Offshore Gaming Operators after President Ferdinand Marcos Jr. ordered a total shutdown in late 2024.
The absence of POGO-related license fees and taxes, which once brought in billions of pesos annually, created a visible hole in PAGCOR’s top line.
Yet strict cost management and higher margins from electronic gaming helped the corporation end the year with stronger profits than 2024.
What the Numbers Really Mean
| Item | 2025 (Php) | 2025 (USD) | 2024 (Php) | Change |
|---|---|---|---|---|
| Total Revenue | 106.03 billion | $1.79 billion | 111.72 billion | -5.09% |
| Gaming Operations Revenue | 95.15 billion | $1.61 billion | 97.53 billion | -2.44% |
| eGames + eBingo + Bingo | 53.33 billion | $902 million | 48.81 billion | +9.30% |
| Net Income | 17.52 billion | $296 million | 16.82 billion | +4.18% |
The numbers show a clear pivot: PAGCOR is now more profitable while earning less overall, thanks to lower operating costs in digital gaming and the elimination of POGO-related overheads.
Brighter Days Ahead?
Chairman Tengco struck an optimistic tone for 2026, saying new integrated resorts expected to open in Entertainment City and Clark will gradually bring back high-value tourists.
At the same time, PAGCOR plans to roll out more eGames stations nationwide and launch new digital products aimed at younger players.
“We are no longer just a casino regulator. We are a modern gaming and entertainment authority,” Tengco declared.
The man at the helm has reason to be confident. Against all odds, PAGCOR managed to grow its bottom line in a year that many predicted would be brutal.
The Philippine gaming industry has changed forever, land-based giants are wounded, POGOs are gone, and online is now king. But as long as profits keep rising, nobody at PAGCOR seems to be complaining.
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