PAGCOR to increase revenues in 2020
The Philippine state-run PAGCOR has revealed its revenue estimations for 2020 and said that it expects €1.28 billion.
Phillipines.- The Philippine Amusement and Gaming Corp. (PAGCOR) said during a budget briefing of the House Committee on Appropriations that it expects to register €1.28 billion in revenue in 2020.
PAGCOR Vice President James Patrick Bondoc said that the figure exceeds the €1.26 projected for 2019. Approximately €1.25 will come from gaming operations, while the extra €20 million will come from related services and other income, BusinessMirror reported.
Bondoc said that operating expenses are likely to reach the €336 million figure, approximately 16.7% higher than this year’s estimate of €286 million.
Current regulations establish that PAGCOR must contribute to nation-building. The figure is expected to reach €848 million, lower than 2019’s €879 million estimated contributions. Bondoc also reported that PAGCOR generated total income of €649 million in the first six months of the current year. Contribution to nation-building from January to June 2019 stands at €470 million.
PAGCOR income goes up 9%
The state-run entity recently released its first-half financial results. The regulator-operator registered income 9.3% higher than it did in 2018, as it reached €641 million.
According to PAGCOR, net income was €54 million in the six months to June 30. The figure was higher than last year’s, fuelled by a land sale to Bloomberry Resorts Corp in June 2018.
The regulator-operator’s expenses rose 12% year-on-year to US$277 million in such period. It also paid a total of €336 million in gaming taxes and related compulsory payments from its gaming revenue. The company must pass at least 50% of its annual gross earnings to the government’s treasury bureau. That’s why it transferred €304 million.
According to PAGCOR, income collected from offshore gaming operators reached €46.8 million. Furthermore, regulatory fees collected from licensed casinos rose to €240 million.
