Philippines Exceed $1.8 Billion in Yearly Revenue

Philippine Amusement and Gaming Corp’s (PAGCOR) CEO and Chairwoman, Andrea Domingo, has publicly revealed that the body will end this year with a “really good performance,” raking in annual gross gaming revenue of $1.89 billion (PHP 100 billion).

PAGCOR operates publicly-owned casinos under the Casino Filipino brand in addition to licensing and overseeing the casino properties in private sector. During the first nine months of this year, the government-ruled body reported a GGR of over PHP 85.37 billion…

…The body’s total income stood at PHP 58.96 billion as of September 30th – that’s net of gaming taxes and government departments contributions.

A Memorable Year

Domingo was quoted as saying: “I think we’re going to end the year with a really good performance. We will be breaching the PHP100 billion revenue mark this year.”

At least 50% of the gaming operators’ gross income is required to be ed, by law, to the government and its treasury. Operators still have to pay additional franchise taxes while PAGCOR is required to contribute to numerous other social causes.

A huge jump in revenue is down to a land sale to domestic casino operator, Bloomberry Resorts Corp, that was finished in June. They have paid PHP 37.33 billion to PAGCOR for land in Metro Manila, the home of Solaire Resort and Casino.

The gain solely from the sale of this land was PHP 32.72 billion.

Government Action Pending?

The Pacific country in South East Asia has reported a gross gaming revenue of over PHP 158.36 billion in September. The total GGR of 2017 was already exceeded during the first nine months of this year.

Of course, the Philippines is still far cry from Asia and the world’s leading gambling market, Macau, who reported that tax revenue in 2018 will reach $11.28 billion.

Leila de Lima, the country’s Senator, filed a senate resolution in November that calls for an investigation and a hearing of a rapid increase of land-based casinos as well as online gambling businesses that serve foreign clients.

In fact, the archipelagic country has a very strict policy, not only on matters of casinos but other walks of life as well. President Rodrigo Duterte is notorious for being very autocratic on certain topics and has introduced a string of very tough laws and preventive measures for those who don’t abide them.

In November, he issued a prohibition on Boracay Casino and banned other casinos from operating on this small island that was designated to be a land reform area with land gifted to local farmers.

One month prior to that, multiple state agency officials have conducted a crackdown against online gaming firms who operate without a valid license. Over 170 companies have been raided since the start of the year.

Source:

“Pagcor’s annual revenue to top $1.8bln: Domingo”, ggrasia.com, December 26, 2018.