State-run Philippine Amusement and Gaming Corp (Pagcor) reported net income of PHP937.6 million (US$21.2 million) for the first three months of 2015. The figure was 1.9 percent higher than in the prior-year period.
Total revenue however decreased to PHP10.2 billion, down from the PHP10.4 billion reported in the first quarter of 2014. Income from gaming operations totalled PHP8.4 billion in the three months ended March 31, up by 47 percent year-on-year, according to Pagcor.
Total operating expenses increased by 21 percent year-on-year to PHP4.4 billion in the first quarter of 2015.
Pagcor, an operator of publicly owned casinos as well as the regulator for the country’s entire casino industry, contributed a total of PHP4.9 billion to state funds during the latest reporting period.
That figure included PHP3.97 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 PHP3.25 billion last year, an increase of 5.05 percent from 2013, according to official data.
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"The [Macau] government has a lead in this subject in regards to what should be done after the [gaming] concessions expire. We will be first listening to what the government will say”
Ambrose So Shu Fai
Vice-chairman and chief executive at Macau casino operator SJM Holdings