• 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 flags 2017 revenue miss from prior estimate

Jan 15, 2018 Newsdesk Latest News, Philippines, Top of the deck  


Pagcor flags 2017 revenue miss from prior estimate

Gross revenues directly accruing to the Philippine gaming regulator were close to PHP60 billion (US$1.19 billion) in 2017, said its chairman Andrea Domingo.

The remarks were carried on the website of the Philippine Amusement and Gaming Corp (Pagcor) on Friday, following an event the previous day for Pagcor’s licensees.

“In 2017, Pagcor posted close to PHP60 billion in gross revenues,” stated Ms Domingo (pictured 7th from left, front row at the event). That was a 9 percent increase in year-on-year terms.

In November, the Pagcor boss had estimated the agency’s 2017 revenues would be approximately PHP61 billion, up 11 percent on the PHP55-billion figure recorded for 2016.

Friday’s statement from Ms Domingo said that of the nearly PHP60 billion recorded for 2017, “the biggest portion” – P22.44 billion – came from Pagcor-operated casinos.

“It was followed by the PHP19.27 billion income from licensed casinos’ fees; PHP9.45 billion from traditional bingo and e-Bingo licensees; PHP5.50 billion from Pagcor’s share from other gaming licensees such as e-Games, poker, junket operations, among others; and PHP3.14 billion from offshore gaming operations,” she explained.

The reference to “licensed casinos” related to private-sector venues including those in the Entertainment City zone in the capital Manila, that rely on a permit from Pagcor. The large private-sector venues combined, produce the majority of the Philippine casino industry’s gross gaming revenue (GGR) – a different measure from the Pagcor “revenues” mentioned by Ms Domingo.

Attendees at the Thursday event included President Rodrigo Duterte (6th from left, front); Enrique Razon, chairman of Bloomberry Resorts Corp, the promoter of Solaire Resort and Casino (3rd left, front); and Lawrence Ho Yau Lung, chairman of Melco Resorts and Entertainment Ltd, the parent firm for the operator of City of Dreams Manila (2nd left, front).

According to the Pagcor release, the President gave a speech praising the local gaming industry for contributions to the economy.

“I can give you the assurance that we welcome you. I thank you for the income that we are earning from the gaming industry,” he said.

Mr Duterte added however that the sector must “avoid graft and corruption whether you are the giver or the receiver.”

Registration and reporting guidelines for casinos and other financial service businesses in relation to anti-money laundering and prevention of terrorism financing came into effect in the Philippines on January 4.


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

    Mar 03, 2021  

  • Melco’s Lawrence Ho hopeful on Macau recovery in March
    Melco’s Lawrence Ho hopeful on Macau...

    Feb 26, 2021  

More news
  • Sands China to pay US$2.4mln tax re Gondola Ride: court
    Sands China to pay US$2.4mln tax re...

    Mar 04, 2021  

  • A fresh US$2-bln casino project proposed for Vietnam
    A fresh US$2-bln casino project...

    Mar 04, 2021  


Latest News

Sands China to pay US$2.4mln tax re Gondola Ride: court

Sands China to pay US$2.4mln tax re Gondola Ride: court

Mar 04, 2021  

Macau’s Court of Second Instance has upheld decisions by a public department in the city, ordering casino operator Sands China Ltd to pay a total of MOP18.9 million (US$2.4 million) in tourism tax...
Read More
A fresh US$2-bln casino project proposed for Vietnam

A fresh US$2-bln casino project proposed for Vietnam

Mar 04, 2021  

LVS plans to keep U.S. base, stock listing: spokesman

LVS plans to keep U.S. base, stock listing: spokesman

Mar 04, 2021  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Partners

Pick of the Day

“Asia remains the backbone of this company and our developments in Macau and Singapore are the centre of our attention”

Robert Goldstein

Chairman and chief executive of casino operator Las Vegas Sands



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
  • Galaxy Macau to add Raffles-branded hotel towerGalaxy Macau to add Raffles-branded hotel tower March 1, 2021
  • Macau casino GGR down 9pct m-o-m in February: govtMacau casino GGR down 9pct m-o-m in February: govt March 1, 2021
Copyright 2014-2021 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us