Philippines gaming regulator PAGCOR saw its income from gaming operations grow 18.7% year-on-year to Php50.3 billion (US$937 million) in the three months to 30 September 2018.
Gaming taxes and contributions for the quarter totaled Php26.4 billion, leaving PAGCOR with total gaming income after tax of Php23.9 billion. Other income totaled Php33.8 billion.
Among PAGCOR’s expenses in 3Q18 were Php9.4 billion in corporate social responsibility payments and Php2 billion in contributions mandated by special law such as early childhood care and development and national endowment for culture and the arts.
The regulator’s net income for the period after all expenses and contributions came to Php37.6 billion, representing a massive 762.9% increase over the same period in 2017. Income from gaming operations was also 9.3% higher than PAGCOR’s budgeted target.
PAGCOR chair Andrea Domingo recently told Inside Asian Gaming in an exclusive interview that the organization had put on hold a plan to sell all PAGCOR-owned and operated casinos due to their strong income contributions to government coffers.
Asked if PAGCOR would continue as both an operator and a regulator, Domingo said, “I think for the next few years, because they’re still profitable – because the PAGCOR owned and operated casinos, the GGR they yield goes directly to the government, 100%.
“With the IRs, our share of the GGR is about 19.5% so if you look into that and the contribution to the national government every year, if you take this out it will take five years for a new IR to contribute that amount which automatically lessens our net contribution to the national government by Php22 billion for at least for the next 10 years.”
