By Chino S. Leyco
Income of state-run Philippine Amusement and Gaming Corp. (Pagcor) jumped by double digits in the first nine months of the year owing to license fees from private casinos, as well as winnings from table games and slot machines.
Based on Pagcor’s January to September 2019 financial statement, the government’s gaming regulator and operator raised ₱50.77 billion in gross revenues, up by 10.8 percent from ₱50.31 billion in the same period last year.
Pagcor, whose revenues are distributed to social causes and state coffers, reported that its end-September income also surpassed by 10.9 percent the ₱50.27-billion target for the period.
The biggest contributors to Pagcor revenues were regulatory fees from licensed casinos with ₱21.1 billion, followed by Casino Filipino’s slot machines and table games that generated ₱10.2 billion, and ₱.2 billion, respectively.
Pagcor also took in ₱8.7 billion from electronic Bingo, another ₱4 billion from Philippine offshore gaming operators, and ₱1.79 billion were generated by electronic gaming operations.
As mandated by law, half of Pagcor’s income, or ₱26.4 billion, went straight to the Bureau of the Treasury, while ₱10.7 billion were contributed to the Office of the President, and ₱2.79 billion in franchise taxes were paid to the Bureau of Internal Revenue.
Pagcor also remitted ₱1.32 billion to the Philippine Sports Commission.
Meanwhile, Pagcor’s net income fell by 87 percent in January to September this year due to a high year-earlier base after a 2018 property sale.
In the first three quarters, the company registered a ₱4.96 billion net profit, significantly lower compared with ₱37.59 billion in the same period last year, but higher by 32 percent than the ₱3.75 billion target.
Pagcor’s revenues last year were boosted by the sale of a 16-hectare site in Entertainment City for ₱37.3 billion to Bloomberry Resorts Corp., owner and operator of Solaire Resort & Casino in Parañaque.