THE PHILIPPINE Amusement and Gaming Corp. (PAGCOR) said revenue from gaming operations grew 18.71% in the nine months to September to P50.31 billion.
The total exceeded its P46.04-billion target by 9.29%.
As mandated by its charter, PAGCOR remitted P23.85 billion of its gross revenue to the national government.
Netting out expenses and government contributions, the state-run gaming operator and regulator’s net profit was P37.59 billion in the nine months, against P4.36-billion a year earlier.
PAGCOR sold a 16-hectare property in Entertainment City worth P37.3-billion to Bloomberry Resorts Corp., a deal that was completed in June.
PAGCOR President and Chief Operating Officer Alfredo C. Lim said in a text message said the strong results were due to “the introduction of [a] new product POGO (Philippine Offshore Gaming Operators), strict monitoring of operations, effective marketing, and reduced operating expenses.”
Mr. Lim said that POGO accounted for P4.73 billion, or 8.69% of revenue in the first nine months.
The company saved P214.30 million in maintenance and operating expenses during the period and saved P28.86 million in financial expenses.
Its donations to corporate social responsibility projects also fell by P22.60 million year-on-year.
Lawyer Jose S. Tria, Jr., PAGCOR Special Assistant to the chairman, has said that the state-run firm is seeking to lower operating expenses by negotiating lower rental rates in its casinos.
Apart from its commitments to the national treasury, PAGCOR contributed P45 million to the Dangerous Drugs Board, P1.19 billion to the Philippine Sports Commission, P375 million to the Early Childhood Care and Development program, P24 million to other national government agencies, and P378.13 million to the Board of Claims under the Justice department. — Elijah Joseph C. Tubayan
