PAGCOR reports net income of US$11.8m for Q1

PAGCOR’s net income was up 35.05 per cent to PHP624.7m (US$11.8m) in the first quarter of the year.

The Philippines.- The Philippine Amusement and Gaming Corp (PAGCOR) has shared its financial results for the first quarter of the year. It reported revenue from gaming operations was up 35 per cent year-on-year to PHP11.29bn (US$225.8m). Net income was up 35.05 per cent to PHP624.7m (US$11.8m).

The regulator attributed the increase to an easing in Covid-19 restrictions as many casinos in the Philippines have resumed full operations. PAGCOR also said PHP6.73bn in taxes and dues were paid in the first quarter. Total spending rose 53.9 per cent year-on-year in the first three months of 2022 to nearly PHP5.07bn.

In 2021, PAGCOR reported net income for the year was down 86.9 per cent year-on-year to PHP203.6m (US$4.0m) mainly due to multiple countermeasures and lockdowns associated with the Covid-19 pandemic.

PAGCOR expects to double gross gaming revenue this year

PAGCOR chairman and CEO Andrea Domingo has told Philstar that PAGCOR’s annual GGR could reach around PHP60bn to PHP65bn, almost double what it was last year. She added that GGR could reach between PHP25bn and PH35bn by the end of the first half.

Domingo said the economy was picking up after borders opened. She added: “There are a lot of foreigners coming in now to play because we have casinos, where foreigners predominantly play and where very few Filipinos do a lot of heavy betting.”