{"id":777004613,"date":"2023-04-25T13:17:02","date_gmt":"2023-04-25T16:17:02","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=777004613"},"modified":"2026-04-22T22:32:41","modified_gmt":"2026-04-23T01:32:41","slug":"pagcor-reports-net-income-of-us317-97m-for-q1","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/pagcor-reports-net-income-of-us317-97m-for-q1","title":{"rendered":"PAGCOR reports net income of US$317.97m for Q1"},"content":{"rendered":"\n

PAGCOR\u2019s net income was up 42.6 per cent in the first quarter.<\/p>\n\n\n\n\n\n\n\n

The Philippines.- The Philippine Amusement and Gaming Corp (PAGCOR) <\/strong>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. <\/p>\n\n\n\n

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.<\/p>\n\n\n\n

In March, PAGCOR announced a target of PHP244.84bn (US$4.5bn)<\/a> in gross gaming revenue (GGR) for 2023 as the \u201clocal gaming industry continues to gain momentum\u201d. The target is 33.1 per cent higher than last year\u2019s target and 14.2 per cent higher than 2022 GGR.<\/p>\n\n\n\n

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

Meanwhile, Alejandro H. Tengco<\/strong>, chairman and chief executive officer of PAGCOR, revealed the regulator-cum-operator is \u201cseriously considering the privatisation<\/a> of all PAGCOR-operated casinos.\u201d<\/p>\n\n\n\n

Tengco seems keen to implement privatisation during his tenure<\/a>, which runs until 2028. He believes the Philippines could rise around PHP80bn (US$1.47bn) <\/strong>from the sale of the casinos. \u201cWe are the only regulatory body in the world that operates casinos in addition to regulating them,\u201d he said.<\/p>\n","protected":false},"excerpt":{"rendered":"

PAGCOR\u2019s net income was up 42.6 per cent in the first quarter.<\/p>\n","protected":false},"author":176,"featured_media":777000296,"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 robust 42.6% year-on-year increase in Q1 net income to PHP1.87bn, driven by a 49% rise in gaming operations revenue. Concurrently, Chairman Alejandro H. Tengco announced serious consideration of privatizing all PAGCOR-operated casinos by 2028, aiming to generate approximately PHP80bn and streamline its regulatory function.","focusai_entities":"Philippine Amusement and Gaming Corp (PAGCOR), Alejandro H. Tengco","focusai_location":"The Philippines","focusai_target_profile":"ceo_executive (0.95), regulator (0.98), compliance_legal (0.75), operator_casino (0.9), investor_analyst (0.95), supplier_vendor (0.85), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Privatization Impact Analysis?","query":"What are the projected impacts of PAGCOR's casino privatization on the competitive landscape, regulatory oversight, and foreign direct investment within the Philippine gaming market?"},{"label":"GGR Target Feasibility?","query":"Given the Q1 performance, what is the expert assessment of PAGCOR's PHP244.84bn GGR target for 2023, considering current market dynamics and potential macroeconomic headwinds?"}],"footnotes":""},"categories":[163,16333],"tags":[405],"class_list":["post-777004613","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\/777004613","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=777004613"}],"version-history":[{"count":3,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777004613\/revisions"}],"predecessor-version":[{"id":777004652,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777004613\/revisions\/777004652"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/777000296"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=777004613"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=777004613"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=777004613"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}