The state-run Philippine Play and Game Company (Pagcor) reported net income of nearly 4.86 billion PHP ($85.3 million) in the first nine months of 2023. The results were up 39.7% from a year earlier, according to a financial report posted on its website on Saturday.
The institution’s net profit for the third quarter was 1.89 billion PHP, up 16.0% from 1.63 billion PHP for the second quarter of 2023.
Pagcor is the operator of publicly owned casinos and the regulator of the entire casino industry in the Philippines, which includes private development sites. Its own casino brand is called “Casino Philippines.”
Figures for the nine months to Sept. 30 show Pagcor’s revenue was 55.95 billion PHP, up 32.4% from a year ago. The figures include revenue from its gaming business at 51.66 billion PHP, up 31.9% from a year ago.
Quarterly, gross revenue for the three months ended September 30 was slightly above 19.73 billion PHP, up 6.6% from 18.5 billion PHP in the second quarter. Quarterly revenue for the gaming business was 17.53 billion PHP, up 1.7% sequentially.
For the first nine months of 2023, Pagcor’s total cost rose 17.2% year over year to just over 18.85 billion PHP.
The gaming regulator says it paid a total of S$32.23 billion in taxes and donations in the first nine months of the year. Among other payments, Pagco is required by law to deliver at least 50 percent of its total income to national governments.
In a July statement, Pagcor’s chairman and chief executive Alejandro Tengco said the Philippine gaming division expects to generate at least S$272.74 billion from total annual gaming revenue by 2023. This included GGRs from private casinos and Pagcor-run venues.
BY: 에볼루션 바카라사이트