Pagcor posts P3.67-billion income for March

MANILA, Philippines - The Philippine Amusement and Gaming Corp. (Pagcor) generated P3.67 billion in gross income in March 2012, exceeding the P2.98 billion the gaming firm generated in the same month last year.

Pagcor’s income increased because of higher revenues from casino operations and income from other gambling establishments it regulates, its chairman and chief executive officer (CEO) Cristino Naguiat Jr. said.

The latest income also marks the 10th month under its new management that Pagcor has surpassed its previous monthly income record.

Naguiat said the P3.67 billion generated in March was P686 million higher compared to the P2.98 billion income recorded in March 2011.

“It was also much better than our P3.56 billion target for March by P109 million, and far better by P104 million against our P3.56 billion gross income last February,” Naguiat said.

He said that the March income is also the highest total income ever posted for a single month since the Philippine government went into the direct management of casino operations 26 years ago.

Of the P3.67 billion, Pagcor generated P2.49 billion from its own gaming operations. P1.17 billion, meanwhile, came from private establishments that Pagcor regulates.

“Our upbeat operations during the quarter got an added boost from the strong performance of the other gaming establishments we regulate like the private licensed casinos, e-games, commercial bingo and poker clubs. They contributed P1.17 billion to our March 2012 earnings, higher by P160 million compared to the same month last year,” Naguiat said.

With higher income, Pagcor remitted P1.85 billion to the government, he also said.

Data showed that among the recipients of Pagcor’s funding contributions in March were the Bureau of Internal Revenue (P125 million for the five percent franchise tax); the National Treasury (P1.18 billion); the Philippine Sports Commission (P59 million); cities hosting Pagcor casinos (P41 million); the President’s Social Fund (P200 million); socio-civic projects (P221 million); Board of Claims (P3.5 million); and contributions to the BIR in fringe benefits tax amounting to P13 million.– With Edu Punay