Pagcor remits P9 billion to government

MANILA, Philippines - Remittances of the Philippine Amusement Gaming Corp. (Pagcor) to the government amounted to P9.039 billion in the first eight months of the year, higher than last year’s P7.47 billion.

The amount represents the government’s share in Pagcor’s income.

In August alone, the state-owned gaming firm remitted P1.017 billion to the government, data also showed.

Finance officials said that Pagcor’s higher remittance to the government has increased the amount of total dividends turned over by state-owned firms.

During the eight-month period, Pagcor’s monthly remittance exceeded the P1-billion mark. This was in contrast to Pagcor’s monthly remittance in the same period last year, which fell below the P1-billion level.

Pagcor chairman and chief executive officer Cristino Naguiat Jr. said the gaming firm is able to remit more to the national government because of operational reforms.

The gaming firm expects gross revenues to hit P46 billion in 2013 on the back of operational reforms and initial income from its much-touted Entertainment City, which is scheduled to open early next year.

This year, Pagcor expects gross revenues to hit P43 billion.

The Entertainment City, envisioned as a Las Vegas-style casino complex, is set to open in the first quarter of 2013 with the start of operations of Enrique Razon’s Bloomberry Resorts, one of four licensees that will operate in the Pagcor project.

The three other licensees are Andrew Tan’s Alliance Global, Japanese tycoon Kazuo Okada and taipan Henry Sy’s Belle Corp.

During the first semester of 2012, Pagcor’s gross revenue increased to P21.32 billion or P4 billion more than the P17.22 billion generated in the same period last year.

In 2011, Pagcor generated P36.65 billion in total income, P5.19 billion more than the P31.46 billion recorded in 2010.