PAGCOR annual income exceeded $ 1.8 billion

PAGCOR annual income exceeded $ 1.8 billion

The head of the PAGCOR (Philippine gambling regulator) - Andrea Domingo, said that the 2018 gave in total very good performance. PAGCOR’s gross revenue is projected at $1.89 billion.

According to official data, during the first nine months of 2018, PAGCOR, managing state-owned casinos under the brand Filipino Casino, as well as licensing and controlling private sector entities, received gross income of just over 85.37 billion Philippine pesos (PHP).

Andrea Domingo, head of department, said:

"I think we will end the year with really good performance and overcome the mark of PHP 100 billion."

PAGCOR's total revenue as of September 30, net of taxes on games and contributions to other government departments, amounted to PHP 58.96 billion. The figure included the net profit of PHP 26.41 billion from gaming operations.

According to the law, PAGCOR is obliged to transfer at least 50% of the total income from gambling operations to the state treasury (in addition to paying the franchise tax and other social contributions).

PAGCOR also noted an increase in revenue and net profit from the sale of land to the Bloomberry Resorts Corp Philippine casino operator. Bloomberry - Sureste Properties Inc. - paid PAGCOR PHP 37,33 billion for two plots in Metro Manila, on the territory of Solaire Resort and Casino.

According to PAGCOR, the gross income from games (GGR) in the Philippines in the calendar year before September 30 was slightly higher than PHP 158.36 billion. GGR in the first nine months of this year already surpassed the figure recorded for the whole 2017.

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