Pagcor revenues up 10% in 1st quarter

MANILA, Philippines—Revenues of Philippine Amusement and Gaming Corp. (Pagcor) rose by a tenth in the first quarter, allowing it to remit more funds to the government’s coffers, the state-run gaming agency said.

In a statement, Pagcor said its revenues for the first three months reached P8.37 billion, representing a 10-percent increase from P7.61 billion a year ago.

“As a result, the state-run gaming firm was able to improve its remittances by P228 million to agencies mandated to receive funding from it,” Pagcor said.

Revenues of the agency have come under pressure in recent years due to the entry of larger, more modern casino facilities run by the private sector, specifically the Resorts World casino complex in Pasay City.

According to Pagcor assistant vice president for corporate communication Maricar Bautista, the agency’s mandated contributions for the first three months reached P3.76 billion compared with P3.53 billion in the same period last year.

Winnings from Pagcor’s gaming operations amounted to P5.71 billion, higher by P352 million compared with a year ago. The corporation’s other revenue sources such as income share from regulated gaming operations also significantly increased by P412 million.

Bautista attributed Pagcor’s first-quarter performance to the management’s “fiscal prudence.”

“During the quarter, Pagcor reduced its operating costs by P548 million, which resulted in savings for the agency,” she added.

For the period, Pagcor franchise taxes paid to the Bureau of Internal Revenue, remittances to the National Treasury, the President’s Social Fund and contributions to the Philippine Sports Commission also increased compared with the first quarter of 2010.

Apart from the increased government contributions, the management also accelerated payment for the loans incurred by the state-run gaming firm during the previous administration.