The Philippine Amusement and Gaming Corporation (Pagcor) has reported net income of PHP1.32 billion (US$26.6 million) for the first three months of 2017 – a 26.48% year-on-year increase for the national regulator.
Pagcor’s revenue from gaming operations came in at PHP14.04 billion (US$282.7 million) for 1Q17, paying out PHP7.37 billion taxes in the process, both figures representing 26.75% more than 12 months earlier.
Total income excluding expenses was PHP7.73 billion, up 34.81% from PHP5.73 billion in 1Q16.
The final net income figure of PHP1.32 billion crushed Pagcor’s target income for the quarter of 369,000 million and follows strong results for all of the Philippines’ gaming operators last year, with gross gaming revenue nationwide rising 19% in 2016 to a record P149.12 billion (US$3 billion).
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