The Philippine Amusement and Gaming Corp. (PAGCOR) announced last week that it had paid more than PHP1.95 billion (US$34.8 million) in cash to the National Treasury, the agency’s declared dividends for 2022.
According to Asia Gaming Brief, PAGCOR remits 5 percent of total revenues to the Bureau of Internal Revenue as a franchise tax, half of the remaining amount to the Treasury, and 5 percent of what remains after deductions to the Philippine Sports Commission to support athletics in the country.
PAGCOR Chairman and CEO Alejandro Tengco said the agency was able to make another significant contribution on revenues of PHP58.96 billion (US$1.05 billion) in 2022.
“With the resurgence of the local gaming industry in 2022, we were able to come up with another banner year as far as revenue-generation is concerned, thus this substantial contribution to the National Treasury,” he said.
For several years, the regulator has been under pressure to sell off its casino assets. According to a recent report by Maybank Securities, some casino firms may be interested in buying those casinos, some of which operate under the Casino Filipino brand. Buyers could include Newport World Resorts operator Travellers International Hotel Group and some Clark casino operators such as Hann, Royce and Midori.
In March, Tengco said he plans to sell off the agency’s casino portfolio before he leaves office. PAGCOR has been criticized for being both the regulator of casinos and an operator, a potential conflict of interest. The agency currently operates 43 casinos, reported Inside Asian Gaming.
