PAGCOR beats GGR target for the first half of 2018

During the first six months of the year, the Philippine company posted an 18.3 per cent GGR increase and beat its 9.7 per cent goal.

Philippines.- The Philippine Gaming and Amusement Corp (PAGCOR) revealed its financial results for the first half of 2018 and reported an 18.3 per cent gross gaming revenue (GGR). The figure beats its original target, set at 9.7 per cent.

PAGCOR explained that it reached a US$629.4 million revenue between January to June posting way higher figures than last year’s US$532.1 million. It also showed that its net income reached US$298.8 million, while profit surged to US$673.6 million, compared with the US$57.4 million recorded in 2017. The latter figure was boosted by the sale of land in an auction to Bloomberry Resorts & Entertainment.

The acquisition was completed by Bloomberry-owned Sureste Properties Inc. (SPI), which accepted the notice of award from PAGCOR, and signed the deed earlier this week. After failing to draw interest following the launch of an auction for the land in November, PAGCOR tried again with a new auction last January. Only SPI submitted a bid, but due to the casino operator and regulator’s public bidding rules, the sale couldn’t be executed back then.