Net income up more than 700 percent
Gross income from gaming operations regulated by the Philippine Amusement and Gaming Corp. has risen 18.7 percent year-on-year for the first nine months of 2018, to PHP50.31 billion (US$935.8 million), up from PHP42.38 billion during the same period in 2017. PAGCOR also posted a 20 percent increase in total expenses for the period, reported GGRAsia.
Fifty percent of the total went to the national government, 5 percent was deducted for franchise tax, and a portion was allotted for the Dangerous Drugs Board, accounting for total deductions of PHP26.41 billion, according to data from the state-run regulator.
Through September 30, PAGCOR—which operates publicly-owned casinos under the Casino Filipino brand and also licenses private-sector properties—reported “other income” amounting to PHP33.77 billion (US$634 million).
For the first half, PAGCOR reported a rise in net income due to a land sale to Philippine casino operator Bloomberry Resorts Corp. that was completed in June. Bloomberry’s unit Sureste Properties Inc. paid PHP37.33 billion (US$700.9 million) for two parcels in Metro Manila where the group’s Solaire Resort and Casino stands. PAGCOR reported a gain of PHP32.72 billion (US$614 million) on the sale.
In the first nine months of the year, PAGCOR reported expenses of more than PHP21.26 billion, for net income of PHP37.59 billion—almost 763 percent higher than the first nine months of 2017.
