PAGCOR to rely on offshore gaming to meet P65-B target

THE PHILIPPINE Amusement and Gaming Corp. (PAGCOR) has set a P65-billion gaming revenue target this year, which it expects to generate largely through the Philippine Offshore Gaming Operators (POGO) segment amid a moratorium on “integrated resorts” or casinos.

The target is about 13.36% greater than the P57.34 billion revenue raised in 2017.

“Now our target, only for gaming revenue, is P65 billion. So in 2.5 years, we’ve gone from P47.5 billion to ( over) P60 billion,” PAGCOR Chairman and Chief Executive Officer Andrea D. Domingo said during the ASEAN Gaming Summit yesterday.

She said that bulk of the growth will come from POGO, with overseas betting subject to third-party audits.

“We expect offshore gaming revenue to double this year from P3.9 billion as we now have an independent third party auditor who will install mirroring applications not only for the operators but also the service providers,” she said.

“We’ve been assured that we will be able to double our income because we will not pay the thirdparty audit provider if they do not add any income from our monthly minimum guarantee fees right now, which is $150,000 per operator,” added Ms. Domingo.

However, the integration of the auditor into the POGO system will not be completed until the end of the month.

She noted that there are about eight new applicants for gaming operations related to sports betting.

There are 53 offshore gaming operators with 153 attached support services currently, and Ms. Domingo said that PAGCOR will still welcome new POGO applicants.

“We are satisfied. I think that we got the best and the biggest. But if there are those who are still qualified the board is open to evaluating and assessing if we should grant any more operating licenses,” she said.

PAGCOR’s double- digit revenue growth target comes despite President Rodrigo R. Duterte’s moratorium on new casinos announced on Jan. 11, to prevent oversupply.

Ms. Domingo said that there are about 18 casinos nationwide, with four in Entertainment City.

PAGCOR also expects an P186 billion in gross gaming revenue from the entire gaming industry this year, up 9.41%. —