PAGCOR’s revenue up
The Philippine state-run corporation revealed that its revenue from January to April was up 11%.
Philippines.- Philippine Amusement and Gaming Corp (PAGCOR) has reported its latest financial results, which detail its gross revenue from January to April 2019. During the four-month period, the state-run corporation posted gross revenue of €430.6 million.
According to a statement from PAGCOR, the €430.6 million represents an 11.4% increase from the same period last year. Total revenue from gaming operations totalled €410 million, though no year-on-year comparisons were offered for that number.
Quoted in a statement to the Philippine media, Pagcor chairman and chief executive Andrea Domingo reportedly explained that PAGCOR will do its best to sustain the momentum. “Right now, we are recording a monthly average of €107.8 million in revenue,” Domingo added.
Casino pushed PAGCOR to record high in 2018
PAGCOR revealed last month that it turned over its largest annual dividend to the national government for its 2018 operating year. This record from PAGCOR was due to the strong performance of both private and government-run casinos.
The regulator said in a statement that the €274.4 million in cash dividends it turned over to the national treasury is the highest one-time remittance. The results almost matched the €291 million cumulative cash dividends from 2011 to 2017.
Andrea Domingo, chair and CEO of PAGCOR, said that the record high remittance is just the “tip of the iceberg”. The government uses that money to fund social and educational programs, among other things. “In 2018, we recorded our highest revenue in history, which amounted to €1.7 billion,” she said. “This feat enabled our agency to significantly increase our contributions to nation-building by 42.52%.”
Of the 2018 revenues, €1.1 billion came from PAGCOR’s income from gaming operations. Moreover, €615 million came from the sale of PAGCOR’s land in Entertainment City to Bloomberry Resorts Corp.
