PAGCOR reports net income of US$38.8m for H1

PAGCOR has reported that income from gaming operations for the first six months of the year was up 67.3 per cent year-on-year.

The Philippines.- The Philippines Amusement and Gaming Corp (PAGCOR) has shared its financial results for the first half of the year. It’s reported net income of PHP2.16bn (US$38.8m), up 2,600 per cent when compared to last year.

The regulator reported income from gaming operations of PHP24.72bn (US$443m), up 67.3 per cent year-on-year. Total income was PHP26.70bn, up 68.1 per cent.

It attributed the increase in revenue to the easing of Covid-19 restrictions as many casinos in the Philippines resumed full operations in March. PAGCOR’s spending rose 62.5 per cent year-on-year to PHP10.54bn. The regulator paid an additional PHP14bn in taxes and contributions in the first half. 

In 2021, PAGCOR reported net income of PHP203.6m (US$4.0m), down 86.9 per cent year-on-year mainly due to Covid-19 countermeasures.