PAGCOR Revenue Gains 40% Through September
LISTEN TO THIS ARTICLE:Even as it faces dissolution as a casino operator, the Philippine Amusement and Gaming Corp (PAGCOR), a government-run entity overseeing the country's casino industry, disclosed a net income of almost PHP4.86 billion (US$85.3 million) for the first three quarters of the year. This marked a substantial increase of 39.7% from the same period in the previous year.
Revenue on the Rise
For the Q3, as reported in a financial statement published over the weekend, PAGCOR's net income reached PHP1.89 billion (US$33.28 million), reflecting a 16% rise compared to the second quarter of 2023, where it stood at PHP1.63 billion (US$28.7 million). Functioning as both an operator of casinos and the regulatory body for the casino industry in the Philippines, PAGCOR oversees its own casinos under the "Casino Filipino" brand
Related: PAGCOR to Shift to Solely Regulatory Role by 2025The financial data for the nine months revealed that PAGCOR's revenues amounted to PHP55.95 billion (US$985.28 million), indicating a 32.4% surge from the corresponding period a year earlier. This encompassed PHP51.66 billion (US$909.7 million) generated from gaming operations, marking a 31.9% increase from the previous year.
Breaking down the quarterly figures, the aggregate revenue for Q3 was slightly over PHP19.73 billion (US$347.44 million), representing a 6.6% rise from the PHP18.50 billion (US$325.78 million) recorded in the second quarter. Quarterly income from gaming operations reached PHP17.53 billion (US$308.7 million), reflecting a sequential increase of 1.7%.
PAGCOR's total expenses during the first nine months of 2023 totaled just above PHP18.85 billion (US$331.9 million), indicating a 17.2% increase from the same period in the previous year.
Significant Contributions to the Government
The gaming regulator disclosed that it disbursed PHP32.23 billion (US$567.57 million) in civic contributions and taxes during the first nine months of this year. As mandated by law, PAGCOR gives a minimum of 50% of its gross earnings to the federal government. It also funds a number of community projects, including shelters, food programs and more.
PAGCOR chairman and CEO Alejandro Tengco previously forecast that the gambling market in the Philippines could potentially generate at least PHP272.74 billion (US$4.8 billion) in annual gross gaming revenue by the end of the year. This figure included gross gaming revenue from both private-sector casinos and PAGCOR's own properties.
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