Chairwoman and Chief Executive Officer of the Philippine Amusement and Gaming Corporation (PAGCOR), Andrea Domingo (pictured, right), has reportedly revealed that the government-owned body will end the year “with a really good performance,” hauling in upwards of PHP100 billion (US$1.89 billion) in gross revenue for the entire 2018.
According to GGRAsia…
The operator of publicly-owned casinos under the Casino Filipino brand, which additionally oversees and licenses oversees private-sector properties, reported gross revenue of slightly more than PHP85.37 billion during the first nine months of this year, according to official data.
“a really good performance“
Quoting a recent PAGCOR press release, the news agency reports that Domingo said, “I think we’re going to end the year with a really good performance.” And added, “We will be breaching the PHP100 billion revenue mark this year.”
As of September 30, 2018, the Philippine regulator’s total income, including net of contributions to other governmental departments and gaming taxes, was PHP58.96 billion. That figure was inclusive of PHP26.41 billion from gaming operations.
Of the gaming operations’ gross income, by law, the agency is reportedly required to give 50% to the Southeast Asian country’s Bureau of the Treasury and is also responsible for a franchise tax, and contributions to other social causes.
The regulator had reportedly made note of a spike in net income and revenue which it contributed to the sale of two parcels of land in Metro Manila to a subsidiary of Philippine casino operator Bloomberry Resorts Corp., Sureste Properties Inc., for PHP37.33-billion (US$710.8-million), finalized in June this year.
The 39.5 acres of land is home to Solaire Resort and Casino, which is run by Bloomberry Resorts and Hotels Incorporated, a subsidiary of Sureste Properties, Inc. and located in Entertainment City, a massive complex in the Bay City area of Parañaque.
Through September, gross gaming revenue (GGR) in the archipelagic country in Southeast Asia stood just above PHP158.36 billion, according to PAGCOR. For the first nine months of 2018, GGR has already reportedly exceeded the figure recorded for all of 2017.
Senate resolution filing:
In November, Senator Leila de Lima filed a Senate resolution calling for hearings into the growing number of brick and mortar casinos and of Philippines-based online gambling businesses that serve overseas customers, according to the news agency.