Supplier News
Philippines – PAGCOR sets target of six per cent increase
By Phil - 9 August 2013
Pagcor, The Philippine Amusement and Gaming Corp., believes its gross revenues will increase to P45.47bn (US$10.5m) in 2014 from the projected P42.9bn this year.
It is predicted a near six per cent rise in revenues due to the opening of the first integrated resort in Entertainment City as well as improving the efficiency of its existing casino operations.
Pagcor President and Chief operating Officer Jorge Sarmiento said: “Our target income for 2014 is US$ 985,749,274. As part of our charter we should remit 50 per cent of the Pagcor earnings to the National Treasury. The firm’s remittances to the government are being used for programs on nation-building, classroom construction, feeding, as well as for converting confiscated logs and old slot machines into school equipment.”
He added that significant contributions from Solaire, which turned in a net profit of P22.7m in the second quarter, reversing a P126.9m loss in the same period last year.
In the first half of 2013, Pagcor reported income of P1.4bn with revenues reaching P21.06bn. Whilst this was slightly lower than the first half of 2012, it was just five per cent short of the target the operator set itself. .
Revenues from gaming operations reached P14.73bn, 3.17 per cent higher than the target.
Mr. Sarmiento said total investments in Entertainment City have reached $1.37bn as of end-June this year.
