Philippines gaming regulator PAGCOR has reported income from gaming operations of Php75.76 billion (US$1.49 billion) for the 12 months to 31 December 2019, an increase of 11.7% over 2018 income.
According to PAGCOR’s FY19 statement of comprehensive income, published on Thursday, profit for the period amounted to Php9.01 billion (US$176.7 million) – a 71.4% year-on-year decline. Last year’s figure was bolstered by the sale of land to Solaire owner and operator Bloomberry Resorts.
Nevertheless, both income and profit exceeded PAGCOR’s 2019 targets of Php74.42 billion and Php2.43 billion respectively.
The regulator paid a total of Php39.77 billion (US$780 million) in gaming taxes and contributions as part of its mandated charter, which includes a 50% government share and 5% franchise tax, leaving net income of Php39.65 billion. It also paid more than Php14 billion in CSR contributions and another Php14 billion in operating expenses.
Gaming income in 2019 included Php28.68 billion (US$562.6 million) from licensed casinos and Php5.73 billion (US$112.4 million) from POGOs.
The Philippines is expected to continue as one of the fastest growing gaming jurisdictions in Asia over the coming years, despite a moratorium placed on the issuance of both new land-based and POGO licenses.
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