Pagcor nets P2.22 B in 9 months

MANILA, Philippines - The Philippine Amusement and Gaming Corp. (Pagcor) posted a net income of P2.22 billion in the first nine months of the year.

Based on its latest financial statements, Pagcor recorded a gross revenues of P30.8 billion from January to September, down 1.15 percent from P31.16 billion a year ago. The amount, however, was 4.11 percent shy of the state gaming firm’s goal of P32.48 billion for the period.

Pagcor generated winnings of P21.22 billion from the table games and slot machine operations of its casinos and arcades during the first three quarters of the year, up from P21.04 billion as of end-September 2012.

It also earned P8.78 billion from other related services and sources like the regulatory fees that the agency collects from licensed casinos and income share from other gaming activities such as e-games, commercial bingo and poker. The amount was lower than the P9.45 billion collected a year ago.

Pagcor currently operates 13 Casino Filipino facilities as well as the four licensed casinos in operation – Fontana Casino and Fort Stotsenber, both located in Pampanga, East Bay Casino in Rizal, and Poro Point Casino in La Union.

The state gaming firm remitted a total of P15.18 billion to the government during the nine-month period. The government’s share from Pagcor revenues amounted to P10.036 billion.

As a government-owned corporation, Pagcor is mandated to remit five percent of its net winnings to the Bureau of Internal Revenue (BIR) as franchise tax. Half of the 95 percent balance is remitted to the National Treasury.

Pagcor, the government’s third largest revenue earner after the Bureau of Internal Revenue and the Bureau of Customs, likewise contributed P2.05 billion

Pagcor expects to remit around P11.1 billion to the national coffers this year as it expects revenues to hit P42.9 billion by yearend  given the strong performance of Solaire Resort and Casino as well as the improving operations of existing casinos.

Owned by port magnate Enrique Razon, Solaire is the first of four integrated resorts to open at the Pagcor Entertainment City along Roxas Boulevard.