The Philippine Gaming and Amusement Corp. reported an 18.3 percent increase in gross revenue from gaming operations in the first half of 2018, beating its target by 9.7 percent.
The regulator and casino operator said in a statement on its web site that revenue in the period was PHP33.4 billion ($629.4 million), compared with PHP28.27 billion a year earlier. Net income was PHP15.88 billion.
During the half, Pagcor reported that profit surged to PHP35.79 billion, compared with PHP3.05 billion in the same period a year ago. The figure was boosted by the sale of a plot of land to Bloomberry Resorts & Entertainment, which resulted in a gain of PHP32.71 billion.
Bloomberry said in early June it had completed the acquisition of the land plots on which its Solaire Resort & Casino is situated for P37.33 billion.
The land includes two parcels in Entertainment City with an area of 3,733 sq. meters and 156,626 sq. meters respectively.
PAGCOR put the land up for auction in January, though failed to attract sufficient bidders under the law. This allowed it to negotiate the sale directly with Bloomberry’s Sureste Properties unit.