Philippines gaming regulator Pagcor has seen its net profit soar to Php3.06 billion (US$60.5 million) for the first six months of the year, a 24.8% increase over the same period last year despite losing an estimated php400 million (US$7.9 million) in revenue when it suspended Resorts World Manila’s gaming license for three weeks in June.
Revenue through 30 June came in at Php28.27 billion (US$558.5 million) – up 8.39% year-on-year – while income before tax and contributions rose 8.39% to Php15.01 billion as the Philippines gaming industry continues to boom. Around Php15 billion of Pagcor’s revenue went to various tax commitments and another Php4 billion to social responsibility projects.
Revenue exceeded Pagcor’s 30 June target of Php22.35 billion by 26.49% and income its modest Php739 million profit target by 314%.
Pagcor Chair Andrea Domingo revealed recently that the regulator had been losing Php14 million a day during the suspension of RWM’s license, which followed the deadly 2 June attack on the property that saw 38 people lose their lives.
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