THE Philippine Amusement and Gaming Corp. (PAGCOR) reported a 71.4% drop in its net income in 2019 to P9.014 billion despite posting double-digit gains in its gaming operations.

Last year’s decline in net profit was a reversal of the company’s performance in 2018 when its bottom line surged by 536% after a one-time gain from the sale of a 16-hectare site in Entertainment City for P37.3 billion to Bloomberry Resorts Corp.

Broken down, income from gaming operations rose 11.6% to P75.75 billion last year from P67.85 billion in the previous year.

Of this amount, about half or P35.92 billion were remitted to the national government as its share of revenues while 5% or P3.78 billion were paid as franchise tax.

Net of gaming taxes and contributions, total income reached P39.64 billion, down 42.1% from the figure in the previous year.

PAGCOR’s total expenses went down by 17.3% to P30.48 billion from 2018’s P36.86 billion.

The company did not immediately respond to a request for comment. — Beatrice M. Laforga