PAGCOR sees gaming income soar 11.7% to US $1.5 billion in 2019
The Philippines is an interesting and relatively new market for online gambling. It has been one of the best-performing gaming markets in Asia for the past few years, with new resorts in the entertainment industry helping to draw in more visitors to the country.
State-run Philippine Amusement and Gaming Corp (PAGCOR) reported an income of Php75.76 billion (US $1.5 billion) for 2019. This income is 11.7% higher from full-year 2018.
This Thursday PAGCOR’s FY19 statement of comprehensive income was published. According to this statement, profit for the 12-month period amounted to Php9.01 billion (US$176.7 million) – a 71.4% year-on-year decline. Last year’s figure was supported by the sale of land to Solaire owner and operator Bloomberry Resorts. In spite of this, both income and profit exceeded PAGCOR’s 2019 targets of Php74.42 billion and Php2.43 billion respectively.
As part of its mandated charter, which includes a 50% government share and 5% franchise tax the regulator paid a total of Php39.77 billion (US$780 million) in gaming taxes and contributions, leaving net income of Php39.65 billion. Last year’s income was that of Php28.68 billion (US$562.6 million) from licensed casinos and Php5.73 billion (US$112.4 million) from POGOs.
More countries are now eager to compete for a share in the revenue in the Asian region. As the Philippines gaming industry keeps thriving, it is slowly establishing itself as one of the gaming capitals of Southeast Asia.
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