Daily Asia Gaming eBrief: PAGCOR reports notable 121% surge in net income in 1H24

Monday 15th of July 2024

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Good Morning. Growing and growing. The Philippine Amusement and Gaming Corporation (PAGCOR) reported a substantial 121.4 percent increase in its net income to PHP6.56 billion ($112.3 million) for the first half of 2024. The boost in GGR was driven mainly by online gaming revenues which reached PHP20.66 billion ($353.79 million), with CEO Alejandro Tengco believing GGR could exceed PHP100 billion in 2024. Meanwhile, a recent study conducted by the Asia Pacific Association for Gambling Studies revealed gaps in the information disclosure practices of Macau’s major gaming operators over the past decade. Jumping to horse racing, the 40th Asian Racing Conference (ARC) this year is set to feature an extensive program centered on Japanese racing breeding, business leaders and key stakeholders.

What you need to know

The Philippine Amusement and Gaming Corporation (PAGCOR) has reported a substantial increase in its net income for the first half of 2024.
A study reveals that Macau's gaming operators have deficiencies in information disclosure and lack responsiveness to stakeholder expectations.
40th Asian Racing Conference program centered on Japanese racing breeding, business leaders and key stakeholders.

On the radar

The Star Entertainment receives approval for CFO and Sydney CEO appointments.
Queensland pubs and clubs gaming revenue up 7.9% yearly in June.
Philippines court freezes assets of “POGO Mayor” Alice Guo.
Macau 2Q24 hotel price index declines by 21% QoQ.
Curacao reopens its gambling licensing portal.

AGB Intelligence

MACAU

Study finds gaps in CSR disclosure practices of Macau gaming operators

A recent study centered on Corporate Social Responsibility (CSR) practices and information disclosure of Macau's major gaming operators from 2012 to 2021 noted a pattern of gaming operators delaying or inadequately responding to stakeholder expectations, particularly around promoting local employees. However, the study also highlights the substantial contributions these operators have made, including over $27 billion in tax revenue and employment of over 80,000 local residents at their peak, representing over a quarter of Macau's workforce.

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