Pagcor earnings rise 11% in 2017

State-run Philippine Amusement and Gaming Corp. (PAGCOR) said it booked a double-digit profit growth in 2017 amid higher revenues from gaming operations.

Based on a financial statement posted on its website, PAGCOR said it posted a net income of P4.95 billion in 2017, 10.9 percent up from P4.46 billion the previous year.

This came as income from gaming operations increased 7.56 percent to P57.34 billion from the year ago level of P53.31 billion.

According to the gaming regulator, P22.45 billion of the total income last year came from customers of casinos operated by PAGCOR, while P36.35 billion came from junket operations, non-casino customers, and other income.

PAGCOR also earned more than P2 billion from other services and income.

On the other hand, PAGCOR said it has contributed about P30 billion in gaming taxes and other government contributions in 2017. This is higher by 7.56 percent from the P27.99 billion it paid the previous year.

Of this amount, P27.17 billion was remitted as dividend to the Bureau of the Treasury. As a government corporation, PAGCOR is mandated to remit half of its gross income to the national government.

Meanwhile, PAGCOR reported total expenses amounting to P24.73 billion in 2017, also 9.49 percent up from the 2016 level of P22.58 billion.

The state corporation posted total assets of P38.62 billion as of end-December, while total liabilities and equities reached P22.79 billion and P15.83 billion, respectively.

Earlier, PAGCOR president Andrea Domingo said the gaming regulator is targeting P58 billion to P60 billion in gross revenues for 2017.

She said the gross gaming revenue of the entire industry is also expected to hit P160 billion due to the country’s better relationship with its Asian neighbors.