The Philippine Amusement and Gaming Corporation (PAGCOR) has seen a sharp rise in its profits as detailed by a financial statement posted on their official website. The figures show an increase of 24.9% in net income from this time last year, with income from gaming operations also rising 8.4% in the same period.
PAGCOR's main expenditure came in the form of gaming taxes and contributions from their first half revenue, totalling a staggering PHP14.84bn (£225m).
As a result of its amalgamation of roles PAGCOR is required to give at least 50% of its annual profits (PHP 13.40bn) to the Philippines' treasury, a beneficial relationship given the significant Philippines gaming boom.
This will all be great news for Andrea Domingo, the head of PAGCOR. It's been a tough few months for PAGCOR, which saw it suspend the operations of Resorts World Manila as a result of a lone gunman, with many experts’ assuming that this would be the start of the undoing of the rapidly growing industry. Domingo stated in late June that PAGCOR was expecting to increase its gaming revenues by nearly 9% from PHP55.1bn to PHP60bn from the previous year.