Pagcor's net income up nearly 25%

According to Pagcor's latest financial statement, the regulator reported an 8.3 percent rise in income from gaming operations in 17H1, reaching US$ 557.4 million, up from us$ 515 million in 16H1.

Total gaming taxes and contributions reached US$ 291.5 million in the half year ended June 30. Income from other related services reached US$ 1.84 million in the half year.

The second quarter saw Pagcor suspend gaming operations at the Resorts World Manila casino venue, following an attack on the property on June 2 by a lone gunman that led to the deaths of 37 people. Pagcor had said that daily revenue attributable to the body fell by between US$ 236,370 and 275,700as a result of the suspension of gaming operations at Resorts World Manila. Casino operations at the property resumed on June 29.

Pagcor’s total expenses increased by 67.8 percent year-on-year to US$ 232 million in the first half of 2017, according to a financial statement posted on its website.In other news, Pagcor sent a warning last week warning the public against “unscrupulous individuals who are posing as Pagcor employees to defraud unsuspecting victims.” The scammers reportedly have swindled substantial amounts of cash from several victims in exchange for a promise of a huge contract or project from Pagcor.

“Pagcor cautions the public to be wary of individuals who would offer to facilitate deals with the Corporation in exchange for cash. Likewise, we urge everyone to immediately report such fraudulent acts to the proper authorities,” said Pagcor in a statement on July 19.