Home > Finance > Pagcor revenue reaches PHP55.95bn in first nine months

Pagcor revenue reaches PHP55.95bn in first nine months

| By Robert Fletcher
The Philippine Amusement and Gaming Corporation (Pagcor) posted revenue of PHP55.95bn (£811.4m/€929.4m/$984.4m) for the first nine months of its financial year.
Philippines 2023 igaming

Pagcor said the majority of revenue in the period was designated as gaming and operations, with this amounting to PHP51.66bn. The nine months cover the operating period through to 30 September 2023.

A further PHP3.04bn was attributed to other service and business activity and PHP1.25bn in “gains” revenue. The remaining PHP5.7m came from non-operating sources.

Looking at spending, total operating expenses in the period amounted to PHP18.85bn. The main outgoing for Pagcor was personnel services at PHP10.96bn, while maintenance and other operating costs hit PHP5.71bn.

This left a pre-tax profit for the nine months of PHP37.10bn. Pagcor paid PHP10.6m in tax, while profit after tax was at PHP37.09bn.

Pagcor also accounted for PHP32.23bn worth of contributions made during the period. This meant comprehensive net profit amounted to PHP4.86bn. 

Pagcor eyes “purely regulatory” role

The financial statement comes after Pagcor last month suggested it would step back from its gambling operations.

Pagcor CEO Alejandro Tengco said that the organisation would look to transition to a “purely regulatory” body. This is set to lead to the privatisation of its gambling operations.

Tengco says this will help “level the playing field” and allow for future growth and viability among other operators.

Pagcor currently operates the Casino Filipino chain of casinos, with eight properties active across the country. The body in July also announced plans to enter the online gambling market with the launch of a new website. Casinofilipino.com is due to go live in Q1 of 2024.

This is in addition to playing the role of regulator in the Philippines.

Tengco hinted at such a move earlier in 2023 when he spoke of spinning off the corporation’s casino business to a private bidder. He also spoke of plans to lengthen Pagcor’s reach and continue expanding its nation-building programmes.

These comments were repeated in July when Tengco said that the move would “avoid the complexities of running two different shows”.

Pagcor staff could be hit by regulatory move

Tengco warned that the switch to a purely regulatory role could impact staff. While he did not mention job losses, he said plans are being made to avoid displacement, in particular at the casinos that will be privatised.

In addition, Tengco said Pagcor is making changes in its corporate structure, business processes and procedures to make it more responsive and competitive as a regulator.

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