PAGCOR Revenues From 2021 to H1 2026: Record Php111.72bn High Followed by a 26.64% Year-on-Year Fall

Two years ago PAGCOR was posting the best numbers in its history. Now it is explaining a revenue fall. On 30 July 2026, the Philippine Amusement and Gaming Corporation reported first-half 2026 revenues of Php43.32 billion, down 26.64% from Php59.05 billion a year earlier. The drop itself is not the surprise. Where it came from is.

Almost all of the loss sits in one place: the electronic gaming segment, the very part of the business that had carried PAGCOR’s growth on the way up. To understand why that matters, it helps to trace the numbers from 2021, when revenues were still climbing out of the pandemic, through the record year of 2024 and into the turn now showing in the first half of 2026.

Why PAGCOR revenues came in below last year

Gaming operations, still the agency’s main income source, fell 27.11% to Php38.92 billion from Php53.40 billion. Chairman and Chief Executive Officer Alejandro H. Tengco said the decline was largely driven by weaker revenues from the electronic gaming segment.

He put the first-quarter softness down to external pressure. “Our first-half revenue results reflect the continuing impact of geopolitical tensions in the Middle East which dampened consumer spending during the first quarter and affected overall industry performance,” Tengco said, adding that conditions improved in the second quarter but that uncertainties remain, particularly around a recent uptick in global fuel prices.

Read at face value, that is a demand explanation. The segment data complicates it.

What the eGaming decline actually shows

Here is where the headline number splits. Revenues from eGames, eBingo and bingo grantees fell 41.85% to Php18.60 billion, down from Php32 billion in the first half of 2025. Over the same period, licensed casinos declined just 3.85% and PAGCOR-operated casinos 8.67%.

So the electronic segment lost more than four in every ten pesos of revenue, while the physical estate barely moved by comparison. That is not the signature of a market broadly losing appetite for gaming. It reads as a sharp, channel-specific contraction, with the rest of the business holding near flat around it.

How PAGCOR revenues have moved from 2021 to 2026

To read the first-half 2026 number properly, it helps to see the road behind it. PAGCOR’s full-year revenues tell a clear story of climb, peak and turn:

• 2021: Php35.48 billion, still climbing out of the pandemic
• 2022: Php58.96 billion, up 66.16%
• 2023: Php79.37 billion, up 34.63%
• 2024: Php111.72 billion, a record high, up nearly 41%
• 2025: Php106.03 billion, the first dip, down 5.09%
• First half of 2026: Php43.32 billion, down 26.64% year-on-year

The shape is a steep post-pandemic climb to a 2024 peak, then a first annual dip in 2025 as land-based casinos softened and offshore gaming dropped out of the revenue base entirely. What stands out is where the strength sat. Across full-year 2025, the electronic segment, eGames, eBingo and bingo grantees, was the part still growing, rising 9.30% to Php53.33 billion even as physical venues gave ground.

The first half of 2026 flips that. It is worth being precise here. The Php53.33 billion and 9.30% growth are full-year 2025 figures, while the Php18.60 billion and 41.85% fall are for the first half of 2026, so these are not a like-for-like match and the comparison is about direction, not size. And the direction has changed. The same electronic segment that had been the reliable grower is now the sharpest faller. A growth engine going into reverse is a different problem from a market that is simply cooling.

Why a PAGCOR revenue fall reaches beyond gaming

PAGCOR is not a normal operator, and that is what makes these figures worth watching. It is a wholly government-owned corporation under the Office of the President, and under its charter, PD 1869, it holds a dual role. It both operates casinos and regulates the wider gaming sector, alongside a mandate to generate revenue for the state and support tourism. Its earnings are then channelled into mandated remittances, from the national government share to sports funding and social programmes. So when its books tighten, the effect is felt well beyond the gaming floor, which is exactly why a soft half draws wider attention.

Inside PAGCOR’s electronic gaming pullback

For anyone with Philippine exposure, suppliers, platform operators and content teams, the split is the part that changes decisions. A uniform decline would point to macro spend and little to do about it but wait. A concentrated one in electronic gaming points instead to something structural in that channel, and that is a very different planning conversation. It affects where budget goes, which product lines get defended, and how much of the second half is written off before it starts.

The Supreme Court ruling reshaping PAGCOR’s profit

The profit line looks alarming in isolation and needs the context the source gives it. Net operating income fell 35.05% to Php31.75 billion. Net income fell a far steeper 85.29% to Php1.58 billion. That gap is not pure trading weakness.

“The steeper decline in net income was due to PAGCOR’s higher mandated remittances to the Philippine Sports Commission (PSC) following the Supreme Court’s ruling requiring the state gaming agency to remit five percent of its gross income to the PSC, instead of the previously adopted computation,” Tengco said. That remittance is one strand of PAGCOR’s wider mandated-distribution structure, so a change to the formula flows straight through to the bottom line. PAGCOR remitted Php2.01 billion to the PSC in the half, up 58.68% from Php1.26 billion a year earlier. Despite the revenue fall, the agency still contributed Php30.16 billion to nation-building over the six months.

What comes next for PAGCOR after a weak first half

The immediate question is whether the electronic segment stabilises or keeps sliding. Tengco flagged fuel-price uncertainty as a live risk to consumer spending, so a clean second-half recovery is not a given. Set against the five-year run, the read is more measured. One record year, one modest annual dip, and now a sharp half tells a story still being written rather than a settled decline. For the market, the signal to track is simple: does eGaming find a floor, or does one bad half become a trend?

Source : Philippine Amusement and Gaming Corporation (PAGCOR)