Pagcor profit rises to P1.55B in Q1
Credit to Author: EIREENE JAIREE GOMEZ| Date: Wed, 01 May 2019 16:19:40 +0000
EARNINGS of the state-run Philippine Amusement Gaming Corp. (Pagcor) reached P1.55 billion in the first quarter of 2019, up 9.51percent from P1.41 billion in the same period last year.
Pagcor said income from gaming operations grew 14.71 percent to P9.69 billion from P8.44 billion in the first three months in 2018.
The gaming regulator remitted P9.58 billion of the amount to the government in the form of gaming taxes and contributions. Of the total, P8.66 billion went to the national treasury, while P15 million was given to the Dangerous Drugs Board.
Operating expenses amounted to P3.60 billion, up by 12.9 percent from last year’s P3.19 billion.
Meanwhile, contributions, as mandated by special laws, went up to P433.8 million from P375.2 million in 2018.
Earlier, Fitch Ratings projected that the country’s gaming industry would sustain growth momentum as a result of robust economic expansion.
It said initial financial results of the first four casinos — Okada, Resorts World Manila, City of Dreams Manila and Solaire — operating under the licenses granted by the
Pagcor “are encouraging relative to the investments made.”
In 2018, Pagcor casinos’ gross gaming revenue (GGR) reached P187.54 billion or $3.58 billion, up 22.9 percent from a year earlier.
On the other hand, private-sector casino resorts posted an overall GGR of P151.65 billion in 2018, up by 28.3-percent from P118.18 billion the year before.
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