PAGCOR revenue up over 42% in first quarter

THE Philippine Amusement and Gaming Corp. (PAGCOR) said revenue was P25.24 billion in the first quarter, up 42.57% year on year.

In a statement on Sunday, PAGCOR Chairman and Chief Executive Officer Alejandro H. Tengco said: “The three months’ (revenue) put the state gaming firm on track to generate P100 billion for the year, which would be a first in its 40-year history.”

Net operating income after expenses rose 54.22% year on year to P18.99 billion.

Gaming operations raised P22.9 billion, accounting for the bulk of revenue during the quarter.

“Of this amount, 43.46% or P9.69 billion came from the e-games sector (eBingo, eGames and Bingo grantees) while licensed casinos (integrated resorts) brought in P8.04 billion (36.06%),” it said.

On the other hand, revenue from its Casino Filipino business stood at P3.7 billion or 16.62% of overall revenue. This was lower than the 20.68% share from a year earlier. 

Offshore gaming operations accounted for P860.89 million or 3.86% of the total.

“As we said earlier, the e-games sector will be our major source of gaming revenue this year and in the next few years as innovation and technological integration allows the sector to offer more excitement and convenience to gamers,” Mr. Tengco added.

PAGCOR said it expects to contribute P15.56 billion in dividends to the National Government.

Government-owned or -controlled corporations are required to turn over 50% of their profits to the government in the form of dividends. — Luisa Maria Jacinta C. Jocson