Pagcor August revenues shoot up to P3.11B
MANILA, Philippines—The state-owned Philippine Amusement and Gaming Corp. chalked up record-high revenues for the fourth consecutive month in August as robust gaming operations were complemented by the agency’s cost-saving measures.
Pagcor reported on Wednesday P3.11 billion in total revenues for the month of August, up by P634 million, or 26 percent, over the level in the same period in 2010.
In a press statement, Pagcor chairman and chief executive officer Cristino Naguiat Jr. said the agency’s August earnings brought its total income to P23.44 billion during the first eight months. This was higher by P2.48 billion, or 11.87 percent, over the revenues generated for the same period in 2010.
This performance has in turn allowed Pagcor to boost its remittance to the government for its nation-building programs. From January to August, Pagcor’s contributions totaled P10.58 billion, higher by P382 million than those in the same period in 2010.
“We need to keep improving our operations so that we can continue to contribute more to our government’s efforts to improve the lives of our countrymen. Like what is stated in our vision for the corporation, Pagcor is a sure bet for progress in gaming, entertainment and nation-building,” Naguiat said.
Naguiat attributed the hefty increase in the agency’s income performance to the strong performance of Pagcor’s casinos and other regulated gaming operations. “Our own gaming operations yielded total winnings of P15.74 billion from January to August 2011. This surpassed Pagcor’s winnings for the same period last year of P14.7 billion by more than a billion pesos.”
The agency’s revitalized marketing and entertainment efforts fueled this performance, the Pagcor chief said. “For example, we have the P100 million national cash or car raffle promo, which significantly increased our customer attendance since we started implementing it last July. We are lining up other marketing programs of this nature that will be national in scope to further increase our market reach not only among locals but more importantly among foreign players,” Naguiat said.
Eight-month earnings from Pagcor’s other income sources—which include regulation of the operations of licensed casinos, poker, and bingo grantees—reached P7.69 billion, up by P1.46 billion compared with the same period in 2010.
The agency has also continued to implement cost-saving measures and prudent fiscal management of funds. During the eight-month period, Pagcor spent P675 million less compared with the expenses registered in the same period of 2010.
Naguiat added that Pagcor had also unlocked substantial savings vis-à-vis utilization of the corporation’s approved budget for the period. The agency recorded P1.28 billion savings from January to August in terms of budget utilization as it cut down spending for marketing (P139 million), advertising and public relations (P184 million), supplies and materials (P76 million) and entertainment (P67 million).
From January to August, Pagcor remitted P787 million to the Bureau of Internal Revenue, P7.47 billion to the National Treasury, P373 million to the Philippine Sports Commission, P331 million to Pagcor’s host-cities for their different community development projects and P1.44 billion to the President’s Social Fund. It also gave P120 million as direct assistance to socio-civic projects.
The agency likewise gave P9.82 million as cash incentives to coaches of past Filipino achievers in international sporting events as mandated by the Sports Benefits and Incentives Act.
“Our goal is to ultimately provide our customers with a world-class gaming and entertainment experience. We are doing our best to further improve our facilities and complement this with improved customer service that will showcase to the world the exceptional Filipino way of serving our clients,” Naguiat said.
