The gaming regulator for the Philippines has reportedly announced that its aggregated third-quarter gaming income exceeded an earlier estimate and more than doubled year-on-year to top approximately $248.9 million.
According to a Sunday report from Inside Asian Gaming, the latest figure from the Philippine Amusement and Gaming Corporation (PAGCor) sat roughly 103.5% above the $122.3 million that was recorded for the third quarter of last year while being some 7.8% higher than the most recent second-quarter tally of about $230.9 million. The source detailed that this improvement highlighted the continuing recovery of the Asian nation’s gaming industry following over two years of coronavirus-related turmoil that had encompassed the deaths of over 64,000 locals.
As well as serving as the official land-based and online gaming regulator for the Philippines, PAGCor is reportedly responsible for some 19,900 slots alongside over 2,000 gaming tables offered via its six Casino Filipino-branded venues in addition to a chain of around 30 satellite properties spread across the archipelagic nation. The enterprise’s former boss, Andrea Domingo, purportedly detailed in April that the ongoing relaxation of a number of coronavirus-linked capacity, social distancing and public health restrictions was assisting the state-run operator in improving its revenues so as to be able to contribute even more to the country’s coffers.
August reportedly saw newly-elected Philippines President Ferdinand ‘Bongbong’ Marcos Jr appoint close friend Alejandro Tengco to serve as the next Chairman and Chief Executive Officer for PAGCor. This move purportedly came some six months after the nation of 109 million people began re-opening its borders to foreign tourists while simultaneously rolling back a plethora of coronavirus-related lockdown restrictions.
For the nine months to the end of September and PAGCor reportedly disclosed that its aggregated gaming income had swelled by 75.8% year-on-year to just over $673.3 million and exceeded an earlier estimate submitted to the Department of Budget and Management by 5.9%. This purportedly pushed the enterprise’s total receipts for the period up by 73.5% to almost $727 million while improving its associated profit by a very healthy 1,790% to something like $59.8 million.
By law and PAGCor is reportedly required to hand over at least half of its gross earnings in federal tax while moreover being tied to a range of obligatory subsidies and contributions. The state-run operator’s latest result purportedly means that it has dished out just north of $386.2 million in such duties since the start of the year, which equates to a 2,062% boost on its previous estimate.