Pagcor revenues up 3.4% to P12.4 billion in 1999

A rebound in earnings from its flagship casino operations enabled the state-owned Philippine Amusement and Gaming Corp. (Pagcor) to post P12.4 billion in gross revenues last year, an increase of 3.4 percent from P11.99 billion in 1998.

Pagcor public relations and advertising director Senen Lainez said this revenue growth was considerably slower than in previous years, in particular before the outbreak of the Asian financial crisis in mid-1997, when the growth in revenues averaged about 16 percent annually.

But compared with the measly improvement of just under one percent in 1998, last year's financial performance fared better. In fact last December alone, casino patronage was considerably high, a surprising development since the holiday month was traditionally an off-peak period.

The financial contagion hampered Pagcor's operations in 1998 when the dearth in foreign high rollers nearly kept revenues stagnant at P11.8 billion, the 1997 level.

This year, Lainez said the renewed interest in casinos, jai-alai, bingo and other Pagcor-authorized gaming fields would bring about further improvement in their revenues to around P13.4 billion.

As one of the biggest contributions to the government coffers, Pagcor maintains and operates 11 casinos scattered in strategic cities nationwide. Its three outlets in Metro Manila (the top grossing Manila Pavilion site, at the Heritage Hotel and in Parañaque, the former Duty-Free building) account for 80-85 percent of total casino revenues.

The other outlets are in Cebu, Mactan, Davao, Bacolod, Tagaytay, Laoag, Angeles and Olongapo. An outlet in Urdaneta, Pangasinan is under construction and is expected to open this year.

Casino earnings contribute a hefty 90 percent to Pagcor's revenues.