Pagcor sees 10% revenue growth
Philippine Games and Amusement Corp. expects a 6-percent increase in its gaming revenue this year to P29 billion, according to the state firm’s chief.
Including inflows from licensees, Pagcor chairman and chief executive Cristino L. Naguiat Jr. said total revenue would likely grow by at least 10 percent to about P44 billion this year.
Naguiat said such growth would be driven by the country’s improving global tourism prospects and the opening of new projects, including that of Bloomberry Resorts Corp.
Bloomberry is scheduled to open within this quarter its Solaire Manila, an integrated gaming and entertainment complex.
Aside from a casino, Bloomberry is building a 700-room hotel, which will cater to the high-end market.
“Just recently, the Philippines was listed among the top tourist destinations by Travel+Leisure magazine,” Naguiat said.
He was referring to the list of 13 “Hottest Travel Destinations of 2013,” published in the January issue of the New York-based publication.
Naguiat clarified that an increase in the number of visitors would not drive growth in Pagcor revenue. “Instead, it will be the quality of players.”
“We are in talks with junket operators” on arranging trips for gamers, he said.
He said the Philippines, as a gaming destination, would complement top drawers like Macau and Singapore.
“We are not competing with (these destinations) but gamers can’t play in the same casinos all the time,” he said.
Disclaimer: The comments uploaded on this site do not necessarily represent or reflect the views of management and owner of INQUIRER.net. We reserve the right to exclude comments that we deem to be inconsistent with our editorial standards.
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City,Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94