PAGCOR revenue up 11.14% in first 9 months

STATE-RUN Philippine Amusement and Gaming Corp. (PAGCOR) said revenue rose 11.14% in the nine months to September to P42.38 billion, beating its target for the period.

PAGCOR said in its statement of comprehensive income posted on its Web site that the target for the period was P34.07 billion.

Lawyer Jose S. Tria, Jr., PAGCOR special assistant to the chairman said the company sought to lower rents it paid for its casinos, and received significant contributions from Philippine Offshore Gaming Operators (POGO).

“The performance of our Casino Filipino branches improved,” he said in a text message yesterday.

“Operating expenses at Casino Filipino branches fell because we renegotiated for lower rates,” he added.

PAGCOR expenses during the period fell 46.80% to P29.18 billion, while maintenance and other operating expenses declined by 11.29% to P4.26 billion.

Meanwhile registered offshore, or online gaming operators totaled 45 since the POGO program was institutionalized in September last year.

Companies seeking an offshore gaming license must pay $50,000 in application and processing fees for e-casinos and $40,000 for sports betting. They must pay another $200,000 for an e-casino license and $150,000 for a sports betting license upon receiving approval from PAGCOR.

On top of that, online gaming operators with live- studio set- ups should pay gaming taxes of $ 10,000 a month, 2% of gross gaming revenue for random- number games, and $ 40,000 a month for sports betting.

PAGCOR Chairman Andrea D. Domingo said earlier that the company expects about P155-160 billion in gross gaming revenue this year, which is about 30% more than its 2016 target, and 4% above its actual P149-billion revenue for that year.

PAGCOR generates income from its casino operations and its share of private casino income, and remits half of its overall take to the national government. It has so far sent to the Bureau of the Treasury some P20.08 billion as of the first nine months. —