The state-run Philippine Amusement And Gaming Corporation (PAGCOR) has revealed that its net income for the first three months of 2016 rose by 11% year-on-year to reach $22.1 million.
PAGCOR operates 13 casinos in The Philippines and stated that the first-quarter earnings exceeded its own predictions by almost ten times, with total income for the period rising by 13.4% year-on-year to $244.44 million.
Adding to the good results, first-quarter earnings from gaming operations came in at $234.49 million, which represented a 32.2% boost when compared with the same period last year, while operating expenses dropped by 1.6% to $71.33 million.
The operator of casinos including Casino Filipino Angeles and Casino Filipino Tagaytay as well as the nation’s gambling regulator, PAGCOR declared that the entire industry contributed $151.12 million to the state over the first three months of the year including $111.75 million directly transferred to the Bureau Of The Treasury.
According to a January statement from Cristino Naguiat, Chairman for PAGCOR, accumulated casino gross gaming revenues including those from private venues in the Asian nation for the whole of 2015 reached $2.75 billion, which was a 17% improvement year-on-year, while the firm now expects this year’s total figure to be up by at least 8%.