Pagcor revenues hit a high | Inquirer Business

Pagcor revenues hit a high

Entertainment City seen to further boost sales
By: - Business News Editor / @daxinq
/ 02:56 AM October 22, 2011

State-owned Philippine Amusement and Gaming Corp. (Pagcor) reported robust revenues at the end of September, marking the fifth month in a row that the agency beat historic highs.

In a statement, Pagcor said that it posted P3.34 billion in gross sales last September, representing an increase of P794 million or 31.18 percent compared with the same month in 2011.

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This is the fifth consecutive month that the gaming regulator and operator has surpassed its single-month record for revenues.

Its record-setting streak began in May when it earned P3.03 billion. This was followed by better income performances in June (P3.05 billion), July (P3.10 billion) and August (P3.11 billion).

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Pagcor’s robust income performance was brought about by complementing factors such as the upbeat operations of its casinos and other regulated gaming activities, as well as the prudent management of funds, it said in the statement.

Pagcor chair and CEO Cristino Naguiat Jr. reported that the substantial earnings for the first three quarters of 2011 brought the agency’s total income to P26.78 billion as of end-September.

The amount exceeded by P3.28 billion—or almost 14 percent—the P23.5 billion gross revenues generated by the agency for the same period in 2010.

“Total winnings from our own gaming operations reached P18.04 billion during the first three quarters of 2011. This exceeded Pagcor’s P16.51 billion winnings for the same period last year by more than P1.52 billion,” Naguiat noted.

On the other hand, Pagcor’s revenues from its other income sources during the first three quarters of 2011 reached P8.73 billion, up by P1.75 billion compared with the P6.98 billion generated for the same period of 2010.

These other income sources include regulation of the operations of licensed casinos, Pagcor E-games stations, poker operations and commercial bingo grantees.

Naguiat also pointed out that there was no letup in the implementation of cost-saving measures.

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“Given the current trends in the worldwide gaming industry, global gaming revenues will reportedly reach over $156 billion by 2014,” Naguiat predicted. “What excites us is the fact that the main growth may happen in the Asia-Pacific region where several exciting developments are being eyed.”

The Pagcor chief said the agency intends to cash in on the region’s booming gaming industry through the Entertainment City Manila project.

“In the next few years, we will see four integrated resorts rising in the reclamation area of Roxas Boulevard,” he said. “These projects are expected to rival the Macau and Singapore integrated resorts.”

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TAGS: Entertainment City, Pagcor, Philippine Amusement and Gaming Corp.
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