The Philippines’ state-owned casino operator shrugged off a weaker-than-expected performance in 2013 to predict solid growth for the year ahead.
The Philippine Amusement and Gaming Corporation, which runs 13 casinos under the Casino Filipino brand along with some two dozen slot arcades, and also regulates the country’s land-based and online gaming industries, is the government’s second-largest revenue source after the Tax and Customs Authority. But the government’s 2013 take through November dipped to PHP12.07 billion (US$264.5 million) from 2012’s 12.17 billion on revenues that are expected to total PHP42.9 billion ($950.7 million) for the full 12 months, missing PAGCOR’s forecast of 44 billion.
But the company is confident of achieving PHP45.47 billion in 2014, a 6 percent increase year on year if it comes to pass that will take revenues over the US$1 billion mark. The forecast is based on expected increases in gaming revenues, regulatory fees and the opening of City of Dreams Manila, the second of four destination-scale casino hotels licensed for a special resort district on Manila Bay called Entertainment City.
