Pagcor revenue rose by P5.10B in 2011
MANILA, Philippines–The Philippine Amusement and Gaming Corporation (Pagcor) reported a whopping P36.65 billion total revenue last year, or a P5.19 billion increase from the P31.46 billion income in 2010.
“We ended 2011 on a high note when we earned a staggering P3.50 billion gross income last December. This is by far the highest revenue ever earned by Pagcor for a single month in its history,” Pagcor chairman and chief executive officer Cristino Naguiat, Jr. said in a statement on Thursday.
In 2011 alone, Naguiat said the state-gaming firm was able to break its monthly income record six times during the year and posted the highest winnings record twice in its own gaming operations.
Pagcor began to post record-breaking monthly earnings in May (P3.03 billion), June (P3.05 billion), July (P3.10 billion), August (P3.11 billion) and September (P3.34 billion).
Naguiat said Pagcor’s winning performance was brought about by the upbeat performance of the gaming tables and slot machines operations in different casinos and arcades.
“In fact, total winnings from our own gaming operations in 2011 reached P25 billion. This was higher by P3.13 billion against the P21.87 billion total winnings we generated in 2010. The previous highest annual gaming income on record was P23.28 billion posted in 2008,” he said.
The winning performance of the Pagcor casinos and arcades for 2011 was marked by two of the highest monthly gaming income record from Casino Filipino’s own operations – P2.32 billion in November 2011 and P2.45 billion in December 2011. The previous record was P2.24 billion posted in August 2009.
“Our gaming mix is working well for both our local and international markets. Also, both our tables and slots machines offerings are being patronized. In fact, our gaming revenue pie for 2011 was equally divided between our tables and slot machines markets,” said the Pagcor chief.
But the Pagcor’s revenue from the regulation of other gaming activities in the country such as licensed private casinos, poker clubs, e-games, and commercial bingo also gave an added push to the agency’s income.
“Our earnings from these operations in 2011 reached P11 billion, which exceeded by P2 billion the total amount Pagcor earned from them in 2010,” said Naguiat.
But the Pagcor chief acknowledged that the year 2012 will be “more challenging” for the agency as he b expects a “fiercer competition” in the wake of the opening of hotels and casinos at the Entertainment City Manila.
“Two proponents namely Bloomberry’s Solaire and the SM Consortium’s Belle Grande are expected to open by 2013 at the Entertainment City Manila (ECM). That means we will be up against two more Integrated Resorts with a gaming component by next year,” said Naguiat.
He expects the Entertainment City, however, to do more good than harm against Pagcor.
“As a regulator, we expect to get substantial earnings in the form of regulatory fees from the ECM proponents. Moreover, the ECM is projecting to attract a million tourists annually once it becomes fully operational,” Naguiat added.
