Pagcor earnings surge to P2.16 B in H1

Earnings of state-run Philippine Amusement and Gaming Corp. (Pagcor) soared in the first half of the year as the government continues to reopen the economy and allow more activities.

Latest data from Pagcor showed that its net income surged by over 2,600 percent to P2.16 billion from January to June 2022.

Its income was also a huge jump from the P107.17 million target for the first semester.

Pagcor revenues picked up 68 percent to P26.7 billion from last year’s P15.88 billion. These included service and business income from its gaming operations and other revenues.

The economy remained open for the entire first half even after the Omicron hit at the start of the year.

This allowed casinos and offshore gaming operations to continue their operations at much bigger operational capacities.

On the other hand, Pagcor’s expenses jumped by 62.5 percent to P10.54 billion. This is also higher than its target of P9.92 billion.

Bulk of the increase was due to personnel services and maintenance and other operating expenses.

In a recent summit, Pagcor said land-based casinos had significantly grown in number, evolving from its early stages decades ago into the current modern set-up of full entertainment package.

The Philippines has 51 land-based casinos, 38 of which are Pagcoroperated under the Casino Filipino brand. There are 13 licensed casinos operating in Entertainment City, Clark Special Economic Zone, Fiesta Casinos and Greenfield Zone.

Licensing and Regulatory Group general manager Daniel Cecilio said the revenue growth from land-based casino operations was affected by the pandemic.

“Brick and mortar casinos suffered the most due to limitations imposed by the government. However, after partial lifting of travel restrictions and relaxation of alert levels in the country, we finally saw light with an uptrend,” Cecilio said. As of the first quarter, land-based casinos in the country generated P32.7 billion and are expected to reach P105.84 billion by year-end.