GGRAsia – Pagcor profit flat for Jan-Sept period

Pagcor profit flat for Jan-Sept period

Oct 26, 2016 Newsdesk Latest News, Philippines, Top of the deck

State-run Philippine Amusement and Gaming Corp (Pagcor) reported net income of PHP3.20 billion (US$66.2 million) for the first nine months of 2016, up slightly – by 0.3 percent – from the prior-year period.

Income from gaming operations – prior to gaming taxes and fees payable to the government – stood at PHP38.13 billion in the nine months to September 30, up 17.0 percent from a year earlier.

Total income for the period rose 3.1 percent year-on-year to PHP19.19 billion, negatively impacted by declines in non-gaming categories, Pagcor reported on Wednesday.

In its latest report, Pagcor said that total expenses for the January to September period increased 3.9 percent year-on-year to PHP15.98 billion. That was mostly related to increases in sports-related contributions Pagcor is mandate by law to do.

The state-run company, an operator of publicly owned casinos as well as the regulator for the country’s entire casino industry, also contributed a total of PHP20.02 billion to state funds in the first nine months of the year, via gaming taxes and other fees.

Pagcor is required by law to pass at least 50 percent of its gross earnings to the government’s treasury bureau.