Philippines gaming regulator Pagcor notched record revenues in 2017, with the nation’s casino sector soaring by 22.1% according to Chairman and CEO Andrea Domingo.
Speaking at a special government gathering last week aimed at recognizing the gaming industry’s contribution to the Philippines’ tourism industry and economy, Domingo revealed that casinos had contributed a combined Php41.71 billion (US$828.8 million) in 2017, up from Php34.17 billion (US$679 million) 12 months earlier, with the 48 casinos operated directly by Pagcor contributing more than half of that total.
“Although the biggest chunk in the agency’s revenues still comes from Pagcor-operated casinos, the licensed casinos also contributed significantly,” she said.
“In 2017, Pagcor posted close to Php60 billion in gross revenues. Of this amount, the biggest portion (Php22.44 billion) came from Pagcor-operated casinos.
“It was followed by the Php19.27 billion income from licensed casinos’ fees; Php9.45 billion from traditional bingo and e-bingo licensees; Php5.50 billion from Pagcor’s share from other gaming licensees such as e-games, poker, junket operations, among others and Php3.14 billion from offshore gaming operations.”
Total Pagcor revenue from the gaming industry grew around by 9% in 2017, up from Php55.06 billion in 2016.
The contribution of Pagcor’s 48 casinos comes as the government prepares to start selling them off, aiming to offload 17 in 2017.
Philippines Finance Secretary Carlos Dominguez III stated last week that Pagcor and the Department of Finance were close to completing their plan for the sale of Pagcor properties which is expected to start “within the next few months.”
Despite the sale, ordered by President Rodrigo Duterte in 2016, the man himself took the opportunity to thank the gaming industry at last week’s event, which was held at Manila Hotel and attended by representatives of casino licensees from Entertainment City Manila, Clark Special Economic Zone, Poro Point, Rizal and Cebu.
“I can give you the assurance that we welcome you. I thank you for the income that we are earning from the gaming industry,” he said, adding in a warning that operators must “avoid graft and corruption whether you are the giver or the receiver.”
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