Pagcor increases net income
The Philippines’ gaming regulator revealed that net income has grown during the first six months of the year.
Philippines.- The Philippine Amusement and Gaming Corp (Pagcor) has reported net income of US$60 million for the first semester of the year, which ended on June 30. The number is 24.9 percent higher than the US$49 million registered in 2016.
Gaming operations’ income was also up in the first six months of 2017, as they posted results of US$556 million, a 8.4 percent increase from a year earlier. During the second quarter of the year the number reached US$280 million, which equates a 1.4 percent improvement compared to the previous quarter.
The second quarter of the year’s results come as a slight surprise as Pagcor had suspended operations at the Resorts World Manila on June 2, after a fatal attack that left 37 deaths. The casino was suspended for a couple of weeks whilst local authorities conducted an investigation that showed that the management team of the casino failed to execute a containment plan.
The local industry’s total expenses also increased 67.8 percent in just one year to US$232 million during the first semester, as Pagcor revealed on its website. Moreover, US$292 million were paid in gaming taxes and contributions.
