Pagcor’s first-half revenues hit new record high of P3.05B

Philippine Amusement and Gaming Corp. (Pagcor) reported Thursday record-high revenues for the month of June, overcoming a strong challenge from private casino operators through what it called “prudent fiscal policies.”

In a statement, Pagcor said its total revenues for June reached P3.05 billion—the highest single-month sales level for the state gaming agency in its entire history.

According to its chairman and CEO, Cristino L. Naguiat Jr., Pagcor increased its revenues by P334 million for last month alone compared with the same period in 2010.

“We generated more than P2.07 billion from Pagcor’s own gaming operations and P984 million from regulated gaming operations like commercial bingo and licensed casino operations, among others,” Naguiat said.

The latest figures marked the second month in a row for Pagcor to hit a new high in sales. Last May, the agency also surpassed the P3-billion mark, with gross income reaching P3.03 billion.

Pagcor’s June figures brought to P17.22 billion its total revenues for the first half of the year, representing a P1.68-billion increase—equivalent to a jump of about 10 percent—compared with the gross earnings reported during the same period last year.

The agency’s performance comes despite the strong challenge by large, privately run operations like the Resorts World Casino in Pasay City, which is a joint venture between Alliance Global Inc. of tycoon Andrew Tan and Malaysia’s Genting Group.

According to Naguiat, Pagcor’s performance was attributable to its campaign to maximize the company’s resources, implement prudent fiscal policies and improve the gaming facilities of its flagship Casino Filipino brand.

He pointed out that management’s goal was to transform the agency’s casinos from being gaming centers into “wholesome” recreation and entertainment centers for local and foreign tourists.

“Competition has opened our eyes to the reality that we have to keep improving our operations for our casinos to survive,” Naguiat said. “We are going toward that direction.”

While the agency’s corporate nature limits it from investing in large renovation efforts, he said Pagcor’s management team was exploring cost-efficient means of upgrading gaming equipment, facilities and entertainment offerings.