• About Us
  • The Team
  • Advertise with Us

The latest news on the gaming industry in Asia

() () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () ()
  • Home
  • Macau
  • Philippines
  • Singapore
  • Japan
  • Rest of Asia
  • World
  • Features
  • Industry Talk
  • Trends & Tech
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

Pagcor’s net income tops US$30mln in first quarter

May 02, 2019 Newsdesk Latest News, Philippines, Top of the deck  


Pagcor’s net income tops US$30mln in first quarter

State-run Philippine Amusement and Gaming Corp (Pagcor) reported net income of PHP1.55 billion (US$30.0 million) for the first three months of 2019. The figure was 9.5 percent higher than in the prior-year period.

Total revenue from gaming operations increased by 15.6 percent year-on-year to nearly PHP18.27 billion, compared to approximately PHP15.80 billion in the first quarter of 2018.

The gaming regulator said it paid out a total of PHP9.59 billion in gaming taxes and contributions from that first quarter gaming revenue. The deductions included PHP8.66 billion directly transferred to the Bureau of the Treasury. Pagcor is required by law to pass at least 50 percent of its annual gross earnings to that national government body.

Pagcor reported total income net of taxes of nearly PHP9.69 billion in the first quarter, a 14.7-percent increase from a year earlier. But its total expenses increased by 15.8 percent year-on-year to nearly PHP8.14 billion in the first three months of 2019, according to a financial statement posted on its website on Tuesday.

Pagcor, an operator of publicly owned casinos as well as the regulator for the country’s entire casino industry, which includes privately developed venues, said regulatory fees collected from licensed casinos reached approximately PHP6.78 billion in the three months to March 31. Income collected from offshore gaming operators stood at nearly PHP1.34 billion in the reporting period, according to Pagcor’s latest financial statement.

Pagcor reported net income of approximately PHP31.49 billion for full calendar year 2018, up by 536.6 percent from 2017. Such jump in net income was due to a land sale to Philippine casino operator Bloomberry Resorts Corp, completed in June. Bloomberry’s unit Sureste Properties Inc paid PHP37.33-billion to Pagcor for two parcels of land in Metro Manila that are home to the group’s Solaire Resort and Casino. Pagcor reported a gain of PHP32.72 billion on the sale.


  • tweet
Related articles
  • Metro Manila, Entertainment City stay in GCQ to March 31
    Metro Manila, Entertainment City stay...

    Mar 03, 2021  

  • Int Ent half-year loss up, mulls financing for Manila IR
    Int Ent half-year loss up, mulls...

    Feb 25, 2021  

More news
  • Fitch says LVS Nevada sale slight negative, Moody’s keener
    Fitch says LVS Nevada sale slight...

    Mar 05, 2021  

  • Travel ban on casino hub Sihanoukville: reports
    Travel ban on casino hub Sihanoukville:...

    Mar 05, 2021  


Latest News

Fitch says LVS Nevada sale slight negative, Moody’s keener

Fitch says LVS Nevada sale slight negative, Moody’s keener

Mar 05, 2021  

Despite United States-based casino group Las Vegas Sands Corp (LVS) being in line to generate US$6.25 billion from the sale of its Las Vegas, Nevada assets, Fitch Ratings Inc said in a Thursday memo...
Read More
Travel ban on casino hub Sihanoukville: reports

Travel ban on casino hub Sihanoukville: reports

Mar 05, 2021  

Melco says City of Dreams in Cyprus open summer 2022

Melco says City of Dreams in Cyprus open summer 2022

Mar 05, 2021  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Partners

Pick of the Day

“Prolonged closure of operations could derail earnings recovery and weigh on NagaCorp’s credit quality"

Junling Tan, Yu Sheng Tay and Vikas Halan

Analysts at credit rating agency Moody’s Investors Service



Most Popular

  • Lim Kok Thay, GEN Singapore execs in US$1.3mln stock awardLim Kok Thay, GEN Singapore execs in US$1.3mln stock award March 2, 2021
  • Las Vegas Sands to sell off Nevada assets for US$6.25blnLas Vegas Sands to sell off Nevada assets for US$6.25bln March 3, 2021
  • Covid-19 test cert no longer needed for Macau casino entryCovid-19 test cert no longer needed for Macau casino entry March 2, 2021
  • Pansy Ho again cuts stake in MGM Resorts, for US$57mlnPansy Ho again cuts stake in MGM Resorts, for US$57mln March 4, 2021
  • LVS plans to keep U.S. base, stock listing: spokesmanLVS plans to keep U.S. base, stock listing: spokesman March 4, 2021
Copyright 2014-2021 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us