Pagcor posts highest revenues in history
MANILA, Philippines — The Philippine Amusement and Gaming Corporation (Pagcor) posted its record-breaking gross revenues of P3.03 billion last May, the highest ever in the agency’s 25-year history.
Pagcor’s May revenues brought to P14.16 billion the agency’s total income during the first five months of the year or P1.34 billion higher than the gross earnings posted for the same period last year.
“We generated more than P2.01 billion from our gaming operations and P1.02 billion from regulated gaming operations like commercial bingo and licensed casino operations, among others,” Pagcor chairman and chief executive officer Cristino Naguiat Jr. said in a statement on Monday.
Naguiat said Pagcor’s “remarkable performance” was mainly due to the management’s campaign to maximize its resources, make use of prudent fiscal policies and continue efforts to enhance Casino Filipino’s gaming facilities.
Under his 10-month old term, Naguiat boasted that the state-gaming firm has significantly cut back on operating expenses since 2010.
“Since last year, we have consistently been saving millions of pesos from operational costs,” he said.
“Last May, we were able to reduce operating expenses by 15 percent. This translated to a P185 million savings versus 2010 figures,” he pointed out.
Records showed that Pagcor has already saved about P874 million from January to May this year.
With higher revenues and bigger savings, Naguiat said Pagcor was able to substantially increase its contributions to the national government.
During the period in review, Pagcor’s remittances to the National Treasury, the Bureau of Internal Revenue and the Philippine Sports Commission amounted to P1.105 billion, up by almost P37 million compared to the May 2010 remittances of P1.068 billion.
Pagcor also remitted portions of its net income to other legal beneficiaries like the President’s Social Fund, the Board of Claims, host cities and the socio-civic projects of the government.
About P264 million was remitted to these beneficiaries in May, Pagcor said.
Despite these gains, Naguiat said Pagcor would still pursue its modernization efforts noting that the competition in the gaming industry was ” fiercer” than ever.
“Since Pagcor is a government agency, we cannot go full blast in terms of fully renovating our properties. Nonetheless, we are pursuing modernization efforts using cost-efficient means,” he said.
The ultimate goal, he said, is to transform the casinos from being mere gaming centers into wholesome recreation, entertainments centers for local and foreign tourists alike.
“This dream, no matter how ambitious, is something that our management will pursue,” Naguiat added.
