Pagcor posts P31.16B income in first 3Qs of 2012

MANILA, Philippines – The Philippine Amusement and Gaming Corporation raked in a whopping P4.38 billion in the first three quarters of 2012, placing its gross income at P31.16 billion by the end of September.

Pagcor chairman and CEO Cristino Naguiat Jr. said that the current gross income, larger than their P26.78 billion total earnings last year, indicated that their revenue “has been growing at an average to close to half a billion pesos a month or roughly P1.5 billion every quarter.”

Naguiat attributed a large portion of the revenues to Pagcor’s gaming facilities nationwide.

“In fact, we generated winnings of P21.04 billion from the table games and slot machine operations of our casinos and arcades as of end of September 2012,” he said in a statement on Monday.

“This is by far higher by P3 billon compared to the P18 billion winnings we earned from our gaming operations from January to September in 2011,” he said.

Pagcor’s main casinos generated winnings of P14.92 billion while its satellites, arcades and VIP clubs earned P6.12 billion. Meanwhile, income from its related services and sources like regulatory fees reached P9.45 billion—bigger by P1.12 billion compared to the figures in 2011.

Massive earnings were proof that the state gaming firm’s operations “can stay afloat despite the presence of private casinos,” Naguiat pointed out.

He said that they were able to remit P16.15 billion from January to September this year, an amount which was “higher by P3.35 billion compared to the P12.79 billion contributions allocated to nation building in the same period of 2011.”

Pagcor contributed P1.05 billion through five percent franchise tax to the Bureau of Internal Revenue; P9.99 billion representing 50 percent of the government share to the National Treasury; P499 million as five percent share of the Philippine Sports Commission; P367 million to casino host cities for implementation            of their community projects; P1.74 billion to the President’s Social Fund; P2 billion as direct assistance to socio-civic projects; P21 million representing the 1 percent Board of Claims’ share; and P456 million for other contributions (payment of Corporate Income Tax to the BIR and Sports Incentives).