PAGCOR Q1: Revenue increases 11.2% to PHP 28.07bn
The state gaming agency has said it will continue to strengthen its regulatory oversight this year.
Key points:
– PAGCOR’s revenue increased 11.2% and income grew 23%
– Its nation-building contributions have also grown 21.5% alongside its results
The Philippine Amusement and Gaming Corporation (PAGCOR) has published its fiscal reports for the first quarter of the year.
Revenue grew 11.2% annually to PHP 28.07bn (US$500m), which the Corporation emphasises will continue to be reinvested back into the community through nation-building and corporate social responsibility programs.
Almost all of PAGCOR’s revenue came from gaming operations, which contributed PHP 25.52bn – more than the total revenue of PHP 25.24bn from the Q1 period a year prior.
Of that gaming revenue, more than half came from electronic games and e-bingo, with PHP 14.32bn reflecting 56% of the total.
Licensed casinos brought in PHP 8.32bn or 32.6%, while casinos operated directly under PAGCOR accounted for PHP 2.88bn or 11.31%.
Net income for PAGCOR also increased 23% to PHP 3.43bn, which the Corporation attributes to “financial discipline” and slashing operating expenses by 15.5% to PHP 6.21bn.
Good to know: PAGCOR reflected rising income and revenue in its CSR contributions, with these growing 21.5% to PHP 18.9bn for this quarter
Within the last few weeks, PAGCOR has opened a new dialysis centre in Pampanga with PHP 90m in funding from the agency, as well as its 49th sociocivic centre for general and emergency use, with first-aid rooms and storage spaces.
Alejandro Tengco, PAGCOR Chairman and CEO, said: “This solid performance reflects PAGCOR’s commitment to responsible governance and fiscal discipline.
“The gains we have made in the first quarter will allow us to contribute even more to nation-building for the rest of the year.”
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