Pagcor increases net incomes during Q1

The state-run gaming corporation announced a 26.5 percent increase in net income revenues during the first quarter of 2017.

Philippines.- The Philippine Amusement and Gaming Corp (Pagcor) announced that during the first three months of the year they perceived net incomes of US$26.5 million, also a 26.5 percent higher than the numbers registered a year before.

Gaming operations registered a total revenue of US$282 million, up from the US$222 million totaled during last year’s first quarter. A law established that Pagcor needs to give the Bureau of Treasury at least 50 percent of its annual gross earnings, as reported by GGRAsia. US$133 million from the total revenue went directly to that body. Moreover, total expenses grew 36.5 percent annually to US$128 million in these three months. The news were announced on a financial statement issued on Pagcor’s website yesterday.

Earlier this year, Pagcor announced that it won’t obstaculise the government if it decides to push towards casino privatisation in the Asian country. Chairwoman & CEO Andrea Domingo told reporters during a briefing in Pasay City: “On the privatisation of the PAGCOR-owned and operated casinos. It is a stated policy of the Department of Finance to privatise. I am not opposing that.”