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Pagcor sees 10% revenue growth

/ 01:11 AM January 16, 2013

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.

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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.

TAGS: Earnings, forecasts, gaming and casinos, Philippine Games and Amusement Corp. (Pagcor), Philippines, revenue, Tourism
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