Pagcor hits P29.78-billion income

MANILA, Philippines - The Philippine Amusement and Gaming Corp. (PAGCOR) showed extraordinary resiliency in 2009 after it hit its income target for the year, in spite of the financial crisis across the globe.

PAGCOR posted a P29.78-billion unaudited total annual income, almost one per cent higher than its P29.61 billion total annual income in 2008.

Although the increase in income was smaller compared to the previous years, the PAGCOR management said it “was a notable achievement” especially given the devastating impact of the global economic crunch, even to the most powerful economies in the world. Also, amidst the crisis, PAGCOR’s total income in 2009, according to PAGCOR chairman Efraim C. Genuino, was recorded as the highest in history.

“The year 2009 was tough for many industries, including the gaming and entertainment sector in Asia and the United States. A huge percentage of Las Vegas, for instance slowly became bank-owned due to the high foreclosure rates of hotel and commercial properties. Unemployment rate in the Las Vegas strip alone jumped from 3.8 percent to 12.3 percent after numerous commercial and gaming establishments closed shop,” Genuino said.

The PAGCOR chief said that the state-run gaming firm was not spared from the economic recession. However, the Philippine gaming industry thrived amidst the crisis by providing alternative entertainment and amusement options.

“Our country is surrounded by vast natural wonders, relaxation sites and world-class accommodations that are easy on the pocket. We offer foreign tourists a good chance to unwind and enjoy the good life without having to shell out a fortune,” Genuino added.

Genuino cited that next to the PAGCOR casino branches in Manila, which posted the highest business income in 2009, Cebu City, Tagaytay and the provincial branches in Luzon are the next favorite destinations of players, who are potential tourists as well.

Apart from the country’s tourism potential, PAGCOR management attributed the firm’s success to excellent customer service, win-win marketing strategies, the commitment of its 12,000 strong workforce and the business paradigm shift from mere casino gaming to total entertainment.

Currently, PAGCOR is staging the world-class theatrical dance production dubbed Flow at the PAGCOR Grand Theater in Paranaque City as part of its plan to make the Philippines a venue for international shows.

“We have not stopped thinking of creative ways to attract more customers and boost the corporation’s income. We have to rise above any crisis and be competitive, otherwise, we will be left behind by our international counterparts,” Genuino said.