Casino regulator-cum-operator the Philippine Amusement and Gaming Corp (Pagcor) reported net income of PHP35.79 billion (US$673.1 million) for the first six months of 2018, compared to nearly PHP3.06 billion in the prior-year period.
The 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.
The 16 hectares (39.5 acres) of land is part of Entertainment City, a zone in the Philippine capital designated for development of several large-scale casino resorts. The deal had been approved by Pagcor in April.
Income from gaming operations at Pagcor stood at approximately PHP33.45 billion in the six months to June 30, up 18.3 percent from a year earlier.
Pagcor’s total expenses increased by 19.5 percent year-on-year to PHP14.11 billion in the first half of 2018, according to a financial statement posted on its website on Monday.
The state-run company, an operator of publicly-owned casinos as well as the regulator for the country’s entire casino industry, paid out a total of PHP17.56 billion in gaming taxes and related compulsory payments from its first half gaming revenue. That figure included nearly PHP15.86 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 the government’s treasury bureau.
Pagcor posted net income of PHP4.95 billion for full 2017, an increase of 10.9 percent from 2016, according to official data. The results were positively affected by an increase of 7.6 percent in revenue from gaming operations.
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Analyst at Roth Capital Partners