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PAGCOR posts income increase during Q1

PAGCOR posts income increase during Q1
PAGCOR posted good financial results in the first three months of 2019.

According to an official statement, PAGCOR’s income was up 10% year-on-year to €26.65 million during the first quarter of 2019.

Philippines.- The Philippine Amusement and Gaming Corp (PAGCOR) released a positive financial statement for the first quarter of 2019. According to the document, PAGCOR’s income was up 9,5% year-on-year to €26.65 million.

Besides its net income improvement, they revealed gaming revenue was up 15.6% to €314.7 million, 10% better than its target.

PAGCOR-licensed casinos jumped 19% to €116 million, but income from junket gaming operations fell 9% to €3.8 million. Meanwhile, overall table game income at its own casinos was up 7% and slot machine income improved 13.6%.

2018 results

Despite the casino moratorium, the Philippine industry recorded GGR of €3.16 billion during 2018, 22.9% higher year-on-year, the Philippine Amusement and Gaming Corp (PAGCOR) revealed.

According to the country’s gaming regulator and operator, private-sector casino resorts in the Philippines managed to post an overall GGR 28.3% better than 2017’s as it reached €2.56 billion. Furthermore, it explained that the four Manila Entertainment City venues contributed to last year’s private-sector GGR.

Meanwhile, the casino junket segment achieved a 24.4% GGR hike as it posted €878 million for full 2018. It also accounted for 27.7% of total casino GGR for the period and was mainly recorded at private-sector casinos.

The industry managed to grow despite an anti-gambling policy that keeps companies uncertain about the future in the country. Nonetheless, as long as figures continue to grow, they have nothing to worry about.

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finance Philippines