PAGCOR reports net income of US$317.97m for Q1

PAGCOR’s net income was up 42.6 per cent in the first quarter.

The Philippines.- The Philippine Amusement and Gaming Corp (PAGCOR) has shared its financial results for the first quarter of the year. It’s reported net income of PHP1.87bn (US$303.19m) up 42.6 per cent year-on-year from PHP624.7m.

Revenue from gaming operations was up 49 per cent year-on-year from PHP11.29bn to PHP16.87bn (US$303.19m). The figure was up 13.61 per cent when compared to the previous quarter. The regulator recorded profits of PHP1.33bn (US$24m), up 114 per cent from the previous year and 423.39 per cent above its target.

In March, PAGCOR announced a target of PHP244.84bn (US$4.5bn) in gross gaming revenue (GGR) for 2023 as the “local gaming industry continues to gain momentum”. The target is 33.1 per cent higher than last year’s target and 14.2 per cent higher than 2022 GGR.

The state regulator and gaming operator saw a better-than-expected performance in 2022 after the end of Covid-19 lockdowns and the opening of borders to foreign tourists.

Meanwhile, Alejandro H. Tengco, chairman and chief executive officer of PAGCOR, revealed the regulator-cum-operator is “seriously considering the privatisation of all PAGCOR-operated casinos.”

Tengco seems keen to implement privatisation during his tenure, which runs until 2028. He believes the Philippines could rise around PHP80bn (US$1.47bn) from the sale of the casinos. “We are the only regulatory body in the world that operates casinos in addition to regulating them,” he said.