R38 Pagcor revenues top target at end-Sept.

Up 25.6% at B

State-owned Philippine Amusement and Gaming Corp. (Pagcor) said that it has exceeded its revenue target for gaming operations in the first nine months of the year.

On its financial report posted on its website, the government’s gaming regulator and operator announced that its income reached R38.13 billion in January to September this year, higher by 25.6 percent against the R30.35 billion target.

Likewise, Pagcor’s income at end-September was higher by 17 percent compared with R32.6 billion in the same period last year.

Income from related services, which includes license fees from privately owned-casinos, also surpassed the target by nearly double during the period.

According to Pagcor, revenues from related services reached R1.01 billion, higher by 175 percent against the R365 million target. But year-on-year, income from this sector dropped by five percent from R1.06 billion.

The other income of Pagcor, meanwhile, amounted R75.23 million, well below the R985.52 million goal for the period, and it is also lower than the R2.065 billion registered same period last year.

Based on Pagcor’s financial report, income from casino customers reached R16.63 billion, while revenues from junket operations, non-casino customers and other income amounted to R21.79 billion.

At end-September, Pagcor’s total expenses, which include mandated contributions to other government agencies including the Bureau of the Treasury, reached R15.98 billion, up by four percent year-on-year and above the 15.45 billion target for the period.

Pagcor reported that it has already remitted R18.06 billion to the Treasury as of September, higher than the R14.37 billion target and 17 percent more than the R15.44 billion contributions it made in the same period last year.

Operating expenses reached R15.56 billion from January to September, while other mandated contributions amounted to R4.024 billion. Pagcor also remitted to R1.09 billion to the Bureau of Internal Revenue.

In the first three-quarters of the year, Pagcor reported a R3.19 billion profit, up by 33 percent compared with R3.18 billion in the same period last year. Likewise, its net income is higher than the R312 million target for the period.