Philippines gaming regulator Pagcor has announced a 10.91% year-on-year increase in net income for full year 2017 to Php4.95 billion (US$96.3 million), led by a 7.56% increase in income from gaming operations.
The final figure exceeds Pagcor’s target income for the year by a massive 234% and follows a breakthrough year for the nation’s integrated resorts which saw revenue at Solaire Resort & Casino and City of Dreams Manila reach record levels. Okada Manila, located in Manila’s Entertainment City precinct, also opened its doors in December 2016.
Income from gaming operations was Php57.34 billion (US$1.12 billion), up from 45.77 billion in 2016, with the regulator paying 29.76 billion in taxes and contributions – 9.91% more than previously and 31% more than had been previously targeted. Other contributions, including Corporate Social Responsibility Projects and Contributions Mandated by Special Law, totaled Php24.73 billion.