The net profit of PAGCOR increased in compare to last year
Pagcor the casino regulator and operator announced a net profit of 35.79 billion Philippine pesos ($ 673.1 million) for the first 6 months of 2018, which is 30 billion Philippine pesos more than earned over the same period last year.
The jump in net profit was due to the sale of land to the Philippine casino operator Bloomberry Resorts Corp in June. Sureste Properties Inc, which is part of Bloomberry Corp, paid Pagcor 37.33 billion Filipino pesos for two land plots in the metropolitan area of Metro Manila, where the Solaire Resort and Casino, owned by the company, is located. Based on the results of this sale, Pagcor reported revenue of 32.72 billion Philippine pesos.
16 hectares of land - part of the Entertainment City (entertainment center), a zone in the capital of the Philippines, intended for the construction of several large-scale casino-resorts. Pagcor concluded this deal in April this year.
The profit from gambling activities of Pagcor reached approximately 33.45 billion Philippine pesos for the first 6 months, which is 18.3% higher compared to the previous year.
Total expenses of Pagcor increased by 19.5 per annum, to 14.11 billion Philippine pesos, in the first half of 2018, according to a financial report published on the regulator's website.
The state-owned, casino operator, as well as the regulator of the country's entire casino industry, paid a total of 17.56 billion Philippine pesos of taxes and other mandatory payments from its revenues for the first half of the year. Almost 15.86 billion of this amount was sent directly to the Ministry of Finance. By law, Pagcor is required to give at least 50% of the annual gross profit to the state treasury.
According to Pagcor's official data, the operator's net profit for the entire 2017 was 4.95 billion Philippine pesos, which is 10.9% higher compared to 2016. The results were positively affected by the increase in gaming revenue by 7.6%.
Suggested Reading - Google will not advertise gambling in Italy