Pagcor projects 5% profit growth in ’14

Philippine Amusement and Gaming Corp. expects a 5-percent income growth from the operation of its own casinos this year, saying that the gaming industry is likely to benefit from rising incomes in the country.

Cristino Naguiat Jr., Pagcor chair and chief executive officer, said the growth projection for this year, although modest, would be a significant leap from a flat growth in 2013.

Pagcor posted a net income of P3 billion last year, up by 7 percent from P2.8 billion the previous year. This growth, however, was attributed solely to higher collections from private casinos that Pagcor regulates.

Casinos regulated by Pagcor are required to pay a “gaming fee” worth 25 percent of revenues.

He said a robustly growing economy normally had a positive correlation with gaming income.

Pagcor’s growth projection for this year also comes with the plan to shut down one of its casinos, the Airport Casino Filipino near the Ninoy Aquino International Airpor in Parañaque City.

Airport Casino Filipino had been registering losses recently, Naguiat said, following the opening of privately owned  casinos in Resorts World in Pasay City and Solaire Resort & Casino in Parañaque City.

He said the estimated 800 employees of Airport Casino Filipino could be absorbed by the other casinos under Pagcor.