Pagcor posts highest income of P1.63B

Philippine Amusement & Gaming Corp. Chairman and CEO Efraim C. Genuino announced yesterday that PAGCOR’s income reached an "all-time high" of P1.63 billion last March in spite of the Holy Week recess.

This represents an increase of more than 20 percent over the same period last year, breaking the previous record of P1.62 billion in July 2001.

Genuino also reported that PAGCOR posted a "record-breaking" quarterly earning of P4.65 billion from January to March 2002 as compared to P4.04 billion during the same period last year, or an increase of 15 percent.

"Our impressive performance for the month of March was especially significant because our casinos were closed for three days during the Holy Week and yet we managed to come up with the highest income record for one month in PAGCOR’s 15-year history. March also saw the opening of our world-class casino in Tagaytay, a historic event which signaled PAGCOR’s paradigm shift from gaming to entertainment," Genuino noted.

"No less than President Gloria Macapagal-Arroyo has commended us for doing a good job. She told us to produce results and we did. There is no stopping PAGCOR from fulfilling its mission of generating funds for the government to help the less fortunate among us attain a better life," the chairman told PAGCOR's 11,000 employees in a written message.

Genuino attributed PAGCOR’s phenomenal income growth to the modernization of its casinos and continuing innovations, such as the introduction of new games and fresh, strategic marketing moves.

Genuino is credited for infusing a scientific style of management in PAGCOR, which resulted in substantial savings while attaining steep climbs in revenue.

Of PAGCOR’s total income of P4.65 billion for the first quarter of 2002, the national treasury received the biggest share at almost P2 billion. The second highest share went to the President’s Social Fund at P277 million. The rest was distributed to legally-mandated beneficiaries, namely: Philippine Sports Commission, P99.5 million; Early Childhood Care Development Fund, P100 million; Gasoline Station Training and Loan Fund, P20 million; Sports Benefits & Incentives Act, P30 million; income share of casino host cities, P104 million; assistance to socio-civic projects P276,000; and Board of Claims, P2.76 million.