{"id":29510,"date":"2022-05-03T08:59:25","date_gmt":"2022-05-03T11:59:25","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=29510"},"modified":"2026-04-23T09:04:50","modified_gmt":"2026-04-23T12:04:50","slug":"pagcor-reports-net-income-of-us11-8m-for-q1","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/pagcor-reports-net-income-of-us11-8m-for-q1","title":{"rendered":"PAGCOR reports net income of US$11.8m for Q1"},"content":{"rendered":"\n<p>PAGCOR&#8217;s net income was up 35.05 per cent to PHP624.7m (US$11.8m) in the first quarter of the year.<\/p>\n\n\n\n<!--more-->\n\n\n\n<p>The Philippines.-\u00a0<strong>The Philippine Amusement and Gaming Corp (PAGCOR)\u00a0<\/strong>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\u00a0<strong>PHP11.29bn (US$225.8m).<\/strong> Net income was up 35.05 per cent to PHP624.7m (US$11.8m). <\/p>\n\n\n\n<p>The regulator attributed the increase to an\u00a0<a rel=\"noreferrer noopener\" href=\"https:\/\/focusgn.com\/asia-pacific\/manila-to-ease-covid-19-restrictions-from-tomorrow\" target=\"_blank\">easing in Covid-19 restrictions<\/a>\u00a0as 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.<\/p>\n\n\n\n<p>In 2021,\u00a0<a rel=\"noreferrer noopener\" href=\"https:\/\/focusgn.com\/asia-pacific\/pagcor-net-income-down-87-in-2021-due-to-covid-19-restrictions\" target=\"_blank\">PAGCOR reported net income<\/a>\u00a0for the year was down 86.9 per cent year-on-year to\u00a0<strong>PHP203.6m (US$4.0m)\u00a0<\/strong>mainly due to multiple countermeasures and lockdowns associated with the Covid-19 pandemic.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">PAGCOR expects to double gross gaming revenue this year<\/h2>\n\n\n\n<p>PAGCOR chairman and CEO&nbsp;<strong>Andrea Domingo&nbsp;<\/strong>has told Philstar that PAGCOR\u2019s annual GGR could reach around PHP60bn to PHP65bn,&nbsp;<a target=\"_blank\" href=\"https:\/\/focusgn.com\/asia-pacific\/pagcor-net-income-down-87-in-2021-due-to-covid-19-restrictions\" rel=\"noreferrer noopener\">almost double what it was last year<\/a>. She added that GGR could reach between PHP25bn and PH35bn by the end of the first half.<\/p>\n\n\n\n<p>Domingo said the&nbsp;<strong>economy was picking up after borders opened<\/strong>. She added: \u201cThere 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.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>PAGCOR&#8217;s net income was up 35.05 per cent to PHP624.7m (US$11.8m) in the first quarter of the year.<\/p>\n","protected":false},"author":176,"featured_media":26496,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"The Philippine Amusement and Gaming Corp (PAGCOR) reported a 35.05% increase in Q1 2022 net income to PHP624.7m, driven by the easing of Covid-19 restrictions and the resumption of full casino operations. Gaming revenue also rose 35% year-on-year to PHP11.29bn, with the regulator projecting a near doubling of annual GGR to PHP60bn-PHP65bn for 2022. This recovery is largely attributed to increased foreign player influx following border reopenings.","focusai_entities":"PAGCOR, Andrea Domingo, Philstar","focusai_location":"Philippines","focusai_target_profile":"ceo_executive (0.9), regulator (1.0), operator_casino (0.95), investor_analyst (0.95), supplier_vendor (0.8), journalist_researcher (0.9)","focusai_suggestions":[{"label":"PAGCOR GGR Sustainability?","query":"What specific regulatory or market-driven initiatives does PAGCOR plan to implement to sustain the projected GGR growth beyond the initial post-pandemic recovery phase, particularly concerning the balance of foreign vs. domestic player contributions?"},{"label":"Regulatory Tax Allocation?","query":"Given the significant increase in taxes and dues paid by PAGCOR, how are these funds allocated, and what is the impact on public services or further industry development within the Philippines' governance framework?"}],"footnotes":""},"categories":[163,16333],"tags":[405],"class_list":["post-29510","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance-news","category-south-east-asia-news","tag-pagcor"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/29510","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=29510"}],"version-history":[{"count":2,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/29510\/revisions"}],"predecessor-version":[{"id":29528,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/29510\/revisions\/29528"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/26496"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=29510"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=29510"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=29510"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}