State-run Philippine Amusement and Gaming Corporation (PAGCOR) recorded a P4.2-billion net income in the first quarter of the year, as revenues continued to grow while lower operating expenses declined.

PAGCOR said the net income during the period was 23 percent higher than the P3.43 billion in the first quarter of 2024.

PAGCOR chairman and CEO Alejandro Tengco attributed the strong performance to improved operational efficiency and strategic reforms within the agency.

“This solid performance reflects PAGCOR’s commitment to responsible governance and fiscal discipline,” he said.

“The gains we have made in the first quarter will allow us to contribute even more to nation-building for the rest of the year," Tengco added.

Revenues jumped 11.2 percent to P28.07 billion from P25.24 billion a year ago.

The bulk of PAGCOR's revenues came from gaming operations, which contributed P25.52 billion.

More than half of gaming revenues came from the Electronic Games and E-Bingo segment which generated P14.32 billion, followed by licensed casinos at P8.32 billion.

PAGCOR-operated casinos, meanwhile, contributed P2.88 billion.

Operating expenses fell by 15.54 percent to P6.21 billion from P7.36 billion in the same period last year.

Tengco said the state gaming agency will continue to innovate and strengthen regulatory oversight to ensure that its revenues directly benefit the Filipino people through its nation-building and corporate social responsibility programs.

PAGCOR’s total contributions to nation-building (CNB) reached P18.9 billion in the first quarter, up 21.5 percent from the 2024 first quarter CNB of P15.56 billion.