Philippines gaming regulator PAGCOR saw its income from gaming operations more than double year-on-year in the three months to 30 September to Php14.5 billion (US$249.8 million), up from Php7.1 billion (US$122.3 million) in 3Q21 and 8.2% higher than the Php13.4 billion (US$230.9 billion) previously reported for 2Q22.
The latest financial results, published Friday, highlight the country’s ongoing recovery from the COVID-19 pandemic since most restrictions were eased earlier this year. The Philippines reopened its borders to international tourists in February, eased capacity restrictions in March and ended all lockdowns in April, while President Ferdinand Marcos Jr is expected to remove mask mandates in the near future.
PAGCOR’s cumulative income from gaming operations for the first nine months of 2022 was also 75.8% higher year-on-year at Php39.2 billion (US$675.4 million) and exceeded the proposed budget for the period as submitted to the Department of Budget and Management by 5.9%.
Total income for the period, including non-operating income and other services, was 73.5% higher year-on-year at Php42.3 billion (US$728.8 million).
Net profit of Php3.48 billion (US$60.0 million) was 1,790% higher than in the first nine months of 2021 and also exceeded the budget by some 2,062%. Profit for the same period last year was just Php160.7 million (US$2.8 million).
The results represent a strong start for recently appointed PAGCOR Chairman and CEO Alejandro Tengco, who replaced Andrea Domingo as head of the regulator in August.
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