Philippines, as of today, October 30, 2022, the Phillippine Amusement and Gaming Corporation (PAGCOR) has seen remarkable growth in net income to nearly PHP3.48 billion (USD60.1 million) from January to September 2022.
The government-owned PAGCOR has seen challenging times in the years past in meeting its target largely due to the COVID-19 pandemic restrictions as well as a long-drawn lull in the tourism industry. The prior year’s net income just saw the figure at PHP 183.92 million.
PAGCOR stands as an operator of publicly-owned casinos alongside its critical role as regulator for the Philippines’ entire casino and gambling industry. This reaches into privately-developed venues and online/offline betting sites as well.
The easing of COVID-19 restrictions starting in March of 2022 was a huge sigh of relief for PAGCOR-authorized entities. This ranges from its own chain of casinos as well as the very impressive casino resorts that are now seen on every major thoroughfare in the country.
The main artery of casino resorts or integrated resort properties is currently found at Entertainment City or E-City. Two casinos currently operate within the Entertainment City, namely City of Dreams Manila by Melco Crown Philippines (Resorts) Corp. and Solaire Resort & Casino by Bloomberry Corp.
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PAGCOR New Leadership and Influence
Since the 25th of August, 2022, PAGCOR’s new team of officials took over. Namely, Chairman and Chief Executive Officer Alejandro Tengco, and President and Chief Operating Officer Juanito Sañosa Jr.
There is also a new Board of Directors including Gilbert Cesar Remulla, Francis Democrito Concordia, and Jose Maria Ortega.
Tengco readily announced that they are targeting to raise as much as PHP65 billion in gross gaming revenues (GGR) this year. As of August 2022, PAGCOR recorded a 68.11% annual increase in its first-half revenues to PHP26.70 billion from PHP15.88 billion in the same six months of 2021.
As of August as well, Its net income after tax also surged by 2,630.51% to PHP2.15 billion from the PHP79.07 million recorded in the comparable period last year.
To date, PAGCOR’’s aggregate revenue in the nine months to September 30 was PHP 42.27 billion, up 73.5% from a year earlier. While there was a 75.8% year-on-year increase in Income from gaming operations to PHP 39.17 billion.
PAGCOR also paid out an additional PHP22.49-billion in a combination of subsidies and contributions in the year to September 30.
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PAGCOR’s public causes and endeavors
PAGCOR is proud of its role as a major contributor of financial assistance not only in its charities but also in public service. PAGCOR released a total of PHP45.19 million in 2021 up to March 2022 for the retirement benefits and cash incentives of athletes and their coaches who brought honor to the country after participating in major international sports competitions.
PAGCOR also helped out our athletes who participated in the 2020 Tokyo Olympics. From 2020 to 2022, the agency released a total of PHP356.24 million in financial grants to various local government units, state colleges and national government agencies.
It is without a doubt that PAGCOR’s role in overseeing our favorite haunts also enables them to empower our fellow Filipinos not only when in dire need but also when they need a boost to bring honor to the country. Hopefully, PAGCOR will also show strength in empowering legitimate POGOs as well as help those affected if there is indeed a complete closure.
What about you fellow gaming enthusiasts? Ain’t it grand that we can have fun and indirectly do our share to help out? Just post your comments below for we also love hearing from you. Thanks and see you at the next update.