Pagcor posts P3.56 billion income in February

The Philippine Amusement and Gaming Corporation (Pagcor) reported on Sunday  another  “history-making revenue performance” of P3.56 billion in February.

Pagcor chairman and chief executive officer Cristino Naguiat Jr said last month’s income of the agency “was far better by almost a billion pesos” compared to the P2.63 billion gross revenue it generated for the same period last year.

“This is the ninth time since July 2010 that we posted the highest gross earnings for a single month in Pagcor’s 25-year history,”  Naguiat said in a statement.

“We are very happy and proud that our corporation is now reaping the benefits of all the reforms that we have instituted in Pagcor since our assumption in office,” he said.

Naguiat noted that when the new management under his leadership assumed office in July 2010, the state-owned gaming firm began posting new monthly income records of P2.93 billion. The highest monthly revenue generated by the corporation in May 2010 under its previous administration was P2.74 billion only.

Pagcor’s July income in 2010 was followed by more record-setting performances last year with P2.98 billion in March, P3.03 billion in May, P3.05 billion in June, P3.10 billion in July, P3.11 billion in August P3.34 billion in September, and P3.50 billion in December.

Naguiat also reported that the agency also exceeded its February 2012 income target by P274 million.

“The hefty increment in our actual and target income for February was primarily brought about by the bullish performance of Pagcor’s own gaming operations,” he said.

“Last February, our winnings from our own casino operations reached P2.58 billion, by far the highest gaming income ever recorded by PAGCOR as a casino operator,” Naguiat added, pointing  out the agency’s previous winnings record of P2.45 billion in December 2011.

Income contribution from other sources such as licensed casino, poker and commercial bingo operations for the month of February amounted to P985 million, also higher by P143 million compared to last year’s P841 million.

Naguiat attributed the record-breaking February income performance of PAGCOR to the “sustained improvement of marketing programs for Casino Filipino’s foreign and local markets, upgrading of slot machines, and rationalization of expenses in gaming operations.”

“Our goal this year is to continue to challenge ourselves, and to at least surpass our previous year’s performance. We cannot be complacent in doing our job knowing full well that the higher income that Pagcor generates would translate to bigger contributions to nation-building,” he said.

Because of its substantial earnings in February,  the agency’s contributions to nation-building increased by a staggering P763 million compared to last year.

“We have allocated 54% or P1.94 billion of our P3.56 billion February income to our mandated beneficiaries and other nation-building projects,” Naguiat said.

Of the gross income for the month, Pagcor said, P1.22 billion will go to the National Treasury as government share; P129 million will be remitted to the Bureau of Internal Revenue (BIR) as franchise tax; P61 million to the Philippine Sports Commission to boost sports development in the country; P201 million to the President’s Social Fund; and P1.67 million to the Board of Claims to support victims of injustice.

A total of P40 million has been paid to cities hosting Casino Filipino branches while P288 million was allocated for various socio-civic projects, Pagcor said.

Naguiat was optimistic that Pagcor will reach its gross income target of P45 billion for 2012.

“We are relying on the continued support and dedication of our more than 12,000 personnel nationwide, especially those in the frontlines. They are the main reason why our customers – especially our foreign VIP players – keep coming back,” said the Pagcor chief.

“We also intend to pursue our renewed campaign in giving our clientele better gaming experience and improving further our marketing and entertainment strategies. Of course, we will continue to prudently manage Pagcor’s finances and rationalize operating expenses,” Naguiat added.