Philippines gaming regulator PAGCOR saw its income from gaming operations reach Php67.9 billion (US$1.3 billion) in 2018, an 18.34% year-on-year increase and 10% higher than its targeted revenue budget.
Releasing its financial results late Thursday, PAGCOR also declared 2018 net income of Php31.5 billion – representing a massive 536% jump on the previous year and better than 10-fold increase on its target of Php2.8 billion.
The strong results follow another year of growth for the Philippines’ casinos, with Solaire Resort & Casino operator Bloomberry Resorts and Melco‘s City of Dreams Manila reporting new quarterly revenue records during the year, Okada Manila ramping operations and Resorts World Manila launching a recovery following the tragic lone gunman attack that rocked the property in June 2017.
As a result of its improved income, PAGCOR’s gaming taxes and contributions also increased 18.34% to Php35.6 billion.
As reported by Inside Asian Gaming this week, PAGCOR boss Andrea Domingo, who recently predicted Philippines GGR would reach US$4.1 billion in 2019, is set to ask President Rodrigo Duterte to ease a moratorium on the issuance of new casino licenses on a case by case basis in order to fully capitalise on Asia’s current IR boom.
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