The Philippine Amusement and Gaming Corporation released the gaming revenue numbers for casinos in Manila showing an increase for Q3 2016. The figures were reported on Monday and showed that the country was able to see an increase of just over 11% in the three-month time frame that ended on the 30th of September. Earnings were set at P39.7b which is equal to about US$807 million.
The casinos in Manila were able to see the increase due to junket operators and their efforts in the land based casino sector. This sector saw an increase in gaming revenues to P34.1b which is a 12.3% increase. Of this amount, more than 20% was created by the casinos located in the Entertainment City gaming zone. This is an area where Resorts World Manila is categorized. Casinos run by PAGCOR were not as lucky in the revenue department, seeing only a 1.6% increase, with P8b earnings.
The Clark Freeport Zone saw a downturn of 4.2% with earnings of P3.1b while Thunderbird casinos saw an increase in revenue to P421m which is an 8.7% increase. The bulk of gaming revenues tend to come from non-junket sources but it seems that this gap is closing. Revenue from non-junkets increased 12.4% with revenue from junkets increasing 20.5%. Electronic gaming revenues were also up, with an increase of 16.6%.
Casinos run by PAGCOR are beginning to become reliant on junkets as the non-junket revenues dropped by just over 13% to P3.2b. Junket numbers were improved by over one quarter to create earnings of P1.35b. EGM revenue saw gains of 6.5% for a total of P3.5b in earnings.
Electronic gaming revenues continued to fall for PAGCOR due to the crackdown taking place in regards to eGaming cafes in the country. Electronic gaming revenues were down P721m during Q3 which is less than half the sum created during the same time frame last year. Electronic bingo was able to increase revenues earned by one quarter to an amount of P4.7b with sports betting increasing 70% to P119m in earnings.
Net income for PAGCOR increased by 0.3% in Q3 with earnings of P3.2b with gaming revenues increasing by 17%. PAGCOR is a top financial contributor within the government and has continued to look for ways to replace revenue that will be lost as gaming operations are eliminated. This includes offering new gambling licenses for online operations to operators based in the Philippines to serve gamblers located in other markets.