JUE 28 DE MARZO DE 2024 - 05:56hs.
US$446 million came from 48 casinos

Philippines casino industry drives Pagcor to record revenues in 2017

Philippines gaming regulator Pagcor notched record revenues in 2017, with the nation’s casino sector soaring by 22.1% according to Chairman and CEO Andrea Domingo, who revealed that casinos had contributed a combined US$828.8 million in 2017, up from US$679 million 12 months earlier, with the 48 casinos operated directly by Pagcor contributing more than half of that total.

“Although the biggest chunk in the agency’s revenues still comes from Pagcor-operated casinos, the licensed casinos also contributed significantly,” she said. “In 2017, Pagcor posted close to US$1192 million in gross revenues. Of this amount, the biggest portion US$446 million came from Pagcor-operated casinos.

 “It was followed by the US$383 million income from licensed casinos’ fees; US$184 million from traditional bingo and e-bingo licensees; US$109 million from Pagcor’s share from other gaming licensees such as e-games, poker, junket operations, among others and US$62 million from offshore gaming operations.”

Total Pagcor revenue from the gaming industry grew around by 9% in 2017, up from US$1093 million in 2016. The contribution of Pagcor’s 48 casinos comes as the government prepares to start selling them off, aiming to offload 17 in 2017.

Philippines Finance Secretary Carlos Dominguez III stated last week that Pagcor and the Department of Finance were close to completing their plan for the sale of Pagcor properties which is expected to start “within the next few months.”

Despite the sale, ordered by President Rodrigo Duterte in 2016, the man himself took the opportunity to thank the gaming industry at last week’s event, which was held at Manila Hotel and attended by representatives of casino licensees from Entertainment City Manila, Clark Special Economic Zone, Poro Point, Rizal and Cebu.

Source: GMB / IAG