The Philippine Amusement and Gaming Corporation (PAGCOR) has reported a total income of PHP 51.66 billion ($906 million) from its gaming operations during the nine months ending on September 30, 2023. This represents a robust year-on-year increase of 31.9 percent and slightly exceeds the government’s budgeted target for this period.
Including income from other services and businesses, the Philippines’ gaming regulatory authority’s income has reached PHP 55.95 billion ($980 million) in the first three quarters of this year.
According to the most updated data, PAGCOR records a profit of PHP 37.1 billion ($650 million) after tax in the nine-month period this year. The figure represents an increase of 42.8 percent compared to the same period in 2022.
PAGCOR holds the responsibility of licensing and overseeing all gaming activities throughout the Philippines, in addition to managing 42 casinos under the Casino Filipino brand and associated satellite establishments.
Currently, PAGCOR is working on preparations for its casino privatization plan, as the gaming regulator aims to shift to become a purely regulatory body. According to reports, PAGCOR plans to kick off the sale of self-run casinos by 2025 and finalize the privatization plan by 2028.
PAGCOR’s chairman, Alejandro H. Tengco, earlier noted that estimated sales from gaming venues could yield between PHP 60 billion ($1.05 billion) and PHP 80 billion ($1.4 billion).”
According to a previous interview with AGB, Maybank analyst Alexa Carvajal noted that, given that the gaming regulator comprises only 7 percent of the total Philippine gross gaming revenue (GGR), it is expected that there is no significant effect of its privatization plan.