PAGCOR has reported a 31.9 per cent year-on-year increase in income, surpassing government targets.
The Philippines.- The Philippine Amusement and Gaming Corporation (PAGCOR) has released its financial report for the nine months ending on September 30. It posted income of PHP51.66bn (US$906m). That’s a year-on-year increase of 31.9 per cent, surpassing the government’s fiscal targets.
The regulator posted revenue of PHP55.95bn (US$980m), up 32.4 per cent year-on-year, and a profit after tax of PHP37.1bn (US$650m), up 42.8 per cent.
In July, PAGCOR chairman and CEO Alejandro Tengco said PAGCOR would surpass pre-pandemic revenue by the end of 2023. He also said that PAGCOR is committed to shifting to a purely regulatory role and that the process would take place by the third quarter of 2025.
PAGCOR currently regulates, authorises and licenses gaming in the Philippines but it also operates over 40 casinos itself. However, this dual role has been seen as a conflict of interests and a potentially unfair advantage over private-sector licensees.