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The Philippine Amusement and Gaming Corporation (PAGCOR) has reported a significant surge in its first-quarter income for 2024, reaching a staggering PHP25.24 billion (€408.5 million), marking a remarkable 42.57 percent increase compared to the same period last year.
In a press release, PAGCOR Chairman and CEO Alejandro Tengco expressed satisfaction with the firms’ performance.
“We are happy to announce that PAGCOR is able to sustain our growth trajectory in the first quarter of 2024, and this should help position us into achieving another record-breaking year,” he said.
Net operating income soarsNet operating income after expenses during the quarter stood at PHP18.99 billion (€307.3 million), reflecting a substantial 54.22 percent increase from the figures recorded in January-March 2023, which totalled PHP12.32 billion (€199.4 million).
Gaming operations drive revenue surgeGaming operations emerged as the primary revenue driver for PAGCOR in the first quarter, generating PHP22.29 billion (€360.8 million). Within this segment, the e-Games sector, comprising eBingo, eGames, and Bingo grantees, contributed PHP9.69 billion (€156.8 million), while licensed casinos, including integrated resorts, brought in PHP8.04 billion (€130.1 million).
“The e-games sector will be our major source of gaming revenues this year and in the next few years as innovation and technological integration allow the sector to offer more excitement and convenience to gamers,” Tengco said.
However, revenues from PAGCOR-run casinos under the Casino Filipino brand experienced a decline, contributing PHP3.7 billion (€59.9 million), down from their share in 2023.
Offshore gaming’s contributionsOffshore gaming operations also made a notable contribution to PAGCOR’s earnings, accounting for PHP860.89 million (€13.9 million) or 3.86% of the total gaming income for the first quarter of 2024.
Focus on socio-civic programsTengco also emphasized the positive impact of PAGCOR’s robust earnings on various socio-civic programs, including funding for the Universal Healthcare Program, which provides health insurance to millions of underprivileged Filipinos through Philhealth.
Out of the nearly PHP19 billion (€307.5 million) net income in the first quarter of 2024, PHP15.56 billion (€251.8 million) will be allocated towards Contributions to Nation-Building. This encompasses various initiatives such as the 5 percent franchise tax, government shares, funding for local government units (LGUs) hosting PAGCOR casinos, socio-civic projects, and support for sports development.
Surpassing previous recordsPAGCOR‘s latest earnings surpassed its previous record set in 2019 before the pandemic outbreak, indicating a robust recovery and growth trajectory for the corporation. In the first quarter of 2019, total income stood at PHP19.49 billion (€315.4 million), a figure comfortably surpassed by the first quarter of 2024 by nearly 30 percent.
Upcoming SiGMA event: SiGMA Asia 2024, 2 – 5 June. Find all the details here.
Indonesia’s Ministry of Communications and Information Technology (Kominfo) has announced the formation of a multi-agency task force in a decisive move against online gambling.. This initiative is a significant step in the country’s ongoing battle against online gambling, an activity that remains entirely illegal across the nation. The task force, as revealed by Kominfo, will consist of representatives from various government agencies.
The government has already implemented a series of stringent measures
The first line of defense is the Registration Requirement. Every website operating within the country’s borders must register with the government. This registration process is not merely a formality. It equips the authorities with broad powers, compelling platforms to disclose user data when required.
Next, the government has enacted the Intermediary Liability Regulation (MR5) in 2020. This law mandates websites to grant Indonesian law enforcement access to any user content, including private communications and storage. Any failure to comply can result in the website being blocked entirely, a stern reminder of the government’s resolve.
Content Removal from social media and interna Social media and internet platforms are obligated to remove content deemed unlawful at the request of any government agency. The response time is swift – urgent requests must be addressed within four hours, while non-urgent ones have a 24-hour window.
The government also wields the power of Penalties for Non-compliance. Internet and social media platforms that fail to comply with the rules face the risk of fines. Repeat offenders could find their platforms blocked in Indonesia, and their staff could even face criminal sanctions.
These include the Financial Services Authority (OJK), the Financial Transaction Reports and Analysis Centre (PPATK), and the police. This information was reported by the local media outlet, Bernama. The task force’s primary objective is to combat online gambling, with each agency playing a specific role. Kominfo will supervise the digital space, OJK will manage accounts, PPATK will oversee fund flows, and the police will be responsible for arrests and investigations.
Resolute standThis was stated by Usman Kansong, the Ministry’s Information and Public Communications Director. In addition to domestic efforts, the task force will collaborate with Interpol to tackle cross-border cases. This international cooperation is crucial given the government’s previous struggles in blocking foreign operators. Minister Budi Arie further emphasized the Ministry’s commitment by issuing a warning to all social media platforms, cellular operators, and internet service providers against facilitating any form of online gambling promotion. He stated, “We have done everything within the authority of Kominfo.
We from the Ministry of Communication and Information are fully determined. At the beginning of the week, I gathered all our teams at Kominfo to work together to eradicate online gambling.” This task force is the latest in a series of actions taken by Indonesia against online gambling. In 2012, the country announced similar plans to eliminate such activities, citing the significant amount of money gambled by locals on the Euro 2012 football championship as a primary concern.
Indonesia’s multi-agency task force represents a united front in the country’s war against online gambling. It is a testament to the government’s determination to curb this illegal activity and protect its citizens from the potential harms associated with it. The success of this initiative will undoubtedly set a precedent for other nations grappling with similar issues.
A new multi-entry visa system for Chinese nationals on package tours will be available starting May 6, easing travel between Macau and neighbouring Hengqin. Announced by China’s National Immigration Administration, the initiative allows participants in package tours to move freely between the two regions over a seven-day period.
Boosting economic diversification and tourismMacau Chief Executive Ho Iat Seng highlighted the visa’s potential to foster economic diversification, expressing readiness to welcome increased visitors from Mainland China. The move aligns with Macau’s ongoing efforts to promote non-gaming attractions and broaden its tourism appeal.
Integration within the Greater Bay AreaPart of a broader strategy to enhance cross-border business ties, the visa initiative contributes to greater integration within the Greater Bay Area. Alongside measures for Hong Kong, it aims to streamline travel procedures and facilitate smoother business exchanges across regional borders.
Innovative travel facilitation measuresIn addition to the multi-entry visa, innovative measures include online processing of travel document formalities in select cities and specialized visas for qualified personnel. These initiatives underscore efforts to digitize visa issuance and enhance efficiency in travel procedures.
Macau predicts surge in daily visitors on Labour DayLast week, the Macao Government Tourism Office (MGTO) said it was predicting a significant increase in inbound tourists to Macau during the upcoming Labour Day holiday. MGTO predicted an average of 130,000 visitors per day, surpassing previous holiday peaks.
Strategic tourism promotionWhile Macau targets foreign visitors, its focus remains on mainland Chinese clientele. With an emphasis on non-gaming attractions, the city seeks to diversify its tourism offerings while catering to its largest visitor demographic.
The upcoming launch of the multi-entry visa represents a milestone in Macau’s efforts to redefine its tourism landscape and strengthen ties with neighbouring regions. As the tourism sector prepares for renewed momentum, stakeholders anticipate opportunities for economic growth and cultural exchange.
Upcoming SiGMA event: SiGMA Asia 2024, 2 – 5 June. Find all the details here.
SiGMA Group Founder Eman Pulis met yesterday with Mr Plinio Lemos Jorge, President of the National Association of Games and Lotteries (ANJL), as well as members of the União Brasil Party – National President, Antonio Eduardo Gonçalves de Rueda, Advisor, Mariana Monteiro Fernandes de Carvalho, and Manuel Arruda, President of the Party. They were also joined by Vinícius Moraes De Carvalho, Investment Partner at Ikigai Ventures.
In the words of SiGMA Group Founder, Eman Pulis, “It was a great opportunity to meet with some of Brazil’s most influential figures in the gaming and regulatory landscape and to share our plans at SiGMA with them. 18 months ago we launched a dream to set foot in the Americas and be one of the most significant conferences for the region – and not just for the sake of doing a conference but to lead the charge and raise awareness that regulated online gambling is the way to go.”
“I see a very bright future – not only for the Americas, not only for Brazil, but especially for São Paulo.”
Speaking to SiGMA News, Mr Jorge commented that, “As president of ANJL, I can only thank, on behalf of the members, the receptivity of the SiGMA Group, through its president, Eman Pulis, during BIS SiGMA Americas.”
“We spoke about the national scenario of the sports betting and online gaming market at a very important moment, in which Brazil structures the sector’s regulations. My guests and I were impressed by the magnitude of the event, which confirms our country as a promising market.”
“Mr. Pulis invited us to be present at other editions of SiGMA, including in other countries. There will certainly be new opportunities for us to keep on taking our vision of Brazil to the main global players”
Having assumed his role just a few weeks ago following the conclusion of outgoing President Wesley Cardia’s on-year term in office, Lemos Jorge, a prominent lawyer and former judge, brings a diverse skill set to his new role. His emphasis on active listening, collaboration, and transparency underscores his commitment to representing and defending the interests of ANJL members effectively.
Mr Jorge is a lawyer and partner at Lemos Jorge Advogados Associados, holds a Master’s degree in Tax Law from PUC-SP, is a doctoral candidate in Business Law, and a former judge at the Tax and Fees Court of the State of São Paulo. Read his interview with SiGMA News here.
The União Brasil Party is a liberal-conservative political party in Brazil. The party was founded on 6 October 2021 through the merger of the Democrats (DEM) and the Social Liberal Party (PSL). The merger resulted in the biggest party in Brazil, and was approved by Brazil’s Superior Electoral Court on 8 February 2022.