State-run Philippine Amusement and Gaming Corp. (Pagcor) said income soared to P58.96 in 2022, putting it on track to surpass prepandemic earnings “soon.”
In a statement on Thursday, the gaming regulator and casino operator said total income last year jumped by more than 66 percent from P35.6 billion in 2021.
Gains were driven by gaming revenues of P55.05 billion, higher by almost 70 percent from the previous year, as pandemic restrictions were eased in early 2022.
In 2019, Pagcor reported gaming revenues of P75.75 billion.
“Looking at Pagcor’s upward revenue trend since the first quarter of 2022 up to the end of the year, as well as the recovery path of other gaming hubs in Asia like Singapore and Macau, we are confident that the Philippine gaming sector will be able to fully recover, or even surpass its pre-pandemic earnings soon,” Pagcor chair Al Tengco said in a statement on Thursday.
Further lifting the gaming sector was the reopening of Philippine borders to the critical foreign market in 2022.
“Since the lockdowns were eased in the country last year and gaming venues reopened, customer confidence slowly returned and the attendance in our owned casinos slowly improved. Our licensed casinos likewise recorded a major revenue growth,” Tengco said.
In the statement, Pagcor underscored its higher contributions to the National Treasury and other government programs.
About half, or P26.15 billion, went to the National Treasury while P3.63 billion was allocated to national socio-civic programs.
Another P2.75 billion went to the Bureau of Internal Revenue in the form of a 5-percent franchise tax, while the Board of Claims under the Department of Justice received P33.76 million.
The agency also remitted P1.30 billion to the Philippine Sports Commission as its 5-percent share and additional P64.39 million as sports incentives and benefits. Cities hosting Pagcor’ Casino Filipino branches also received P451.72 million, according to the statement.