International edition
June 22, 2021

The firm was able to break its monthly income record six times

Pagcor revenue rose by us$ 115.5 million in 2011

(Philippines).- The Philippine Amusement and Gaming Corporation (Pagcor) reported a whopping us$ 845.2 million total revenue last year, or a us$ 119.7 million increase from the us$ 80.7 million income in 2010.

We ended 2011 on a high note when we earned a staggering us$ 80.7 million gross income last December. This is by far the highest revenue ever earned by Pagcor for a single month in its history,” Pagcor chairman and chief executive officer Cristino Naguiat, Jr. said in a statement last Thursday.

In 2011 alone, Naguiat said the state-gaming firm was able to break its monthly income record six times during the year and posted the highest winnings record twice in its own gaming operations.

Pagcor began to post record-breaking monthly earnings in May (us$ 69.8 million), June (us$ 70.3 million), July (us$ 71.4 million), August (us$ 71.7 million) and September (us$ 77 million).

Naguiat said Pagcor’s winning performance was brought about by the upbeat performance of the gaming tables and slot machines operations in different casinos and arcades. “In fact, total winnings from our own gaming operations in 2011 reached us$ 576.5 million. This was higher by us$ 72.1 million against the us$ 50.4 million total winnings we generated in 2010. The previous highest annual gaming income on record was us$ 53.6 million posted in 2008,” he said.

The winning performance of the Pagcor casinos and arcades for 2011 was marked by two of the highest monthly gaming income record from Casino Filipino’s own operations – us$ 53.6 million in November 2011 and us$ 56.5 million in December 2011. The previous record was us$ 51.6 million posted in August 2009.

“Our gaming mix is working well for both our local and international markets. Also, both our tables and slots machines offerings are being patronized. In fact, our gaming revenue pie for 2011 was equally divided between our tables and slot machines markets,” said the Pagcor chief.

But the Pagcor’s revenue from the regulation of other gaming activities in the country such as licensed private casinos, poker clubs, e-games, and commercial bingo also gave an added push to the agency’s income. “Our earnings from these operations in 2011 reached us$ 253.7 million, which exceeded by us$ 46.1 million the total amount Pagcor earned from them in 2010,” said Naguiat.

But the Pagcor chief acknowledged that the year 2012 will be “more challenging” for the agency as he b expects a “fiercer competition” in the wake of the opening of hotels and casinos at the Entertainment City Manila.

“Two proponents namely Bloomberry’s Solaire and the SM Consortium’s Belle Grande are expected to open by 2013 at the Entertainment City Manila (ECM). That means we will be up against two more Integrated Resorts with a gaming component by next year,” said Naguiat. He expects the Entertainment City, however, to do more good than harm against Pagcor.

“As a regulator, we expect to get substantial earnings in the form of regulatory fees from the ECM proponents. Moreover, the ECM is projecting to attract a million tourists annually once it becomes fully operational,” Naguiat added.

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