Pagcor net income grows 7.6 percent in 18Q1

Philippine’s state run gaming regulator, Philippine Amusement and Gaming Corporation (PAGCOR), posted net income of P1.4 billion (US$27.3 million) in the first quarter of 2018.

Compared to the prior-year period, net income in 18Q1 was an increase of 7.6 percent.

Total revenue from gaming operations reached P15.8 billion, an increase of 12.5 percent year-on-year compared to P14.0 billion in the prior year period.

The regulator said it paid P8.3 billion in gaming taxes and contributions in 18Q1, compared to only P7.4 billion a year before.

Expenses reached P7 billion, an increase compared to P6.4 billion recorded in 17Q1.

Pagcor is also an operator of a number of state-run casinos in the country, in addition to its regulatory functions

However, recent moves in the country may see Pagcor moving soon into a purely regulatory role.

Last November, House Speaker Pantaleon Alvarez filed a priority bill that would PAGCOR become a “purely regulatory” agency, turning over its licensing powers to Congress.

House Bill No. 6514, if passed, would see Pagcor renamed as the Philippine Amusements and Gaming Authority (Paga), which will handle all regulatory functions in the gaming industry.

As part of this transformation, the state-run regulator will also make moves to privatize its owned-casinos. The sale of which is due to start within the next few months.