The Philippine Amusement and Gaming Corporation (Pagcor) posted record revenue of P58.96bn (£904.4m/€1.01bn/$1.10bn) for its 2022 financial year.
Revenue for the year was 66.5% higher than P34.48bn in the previous year, with gaming responsible for P55.05bn of total revenue, a 68.7% year-on-year rise.
PAGCOR said its record performance was helped by the relaxation of measures related to the pandemic, with Filipino borders having been reopened to local and foreign tourists.
As a result of the increase, Pagcor’s contribution to nation-building also jumped by 51.30% to P34.67bn. Of this, P26.15bn was sent to the National Treasury as a 50.0% share.
Pagcor also allocated P3.63bn for the government’s socio-civic program, as well as P2.75bn to the Bureau of Internal Revenue as 5% franchise tax and P33.76bn the Board of Claims under the Department of Justice received P33.76m.
In addition, P1.30bn was issued to the Philippine Sports Commission, a further P64.39m as sports incentives and benefits, while cities hosting Pagcor’s Casino Filipino branches were given P451.72m.
“Looking at Pagcor’s upward revenue trend since the first quarter of 2022 up to the end of the year, as well as the recovery path of other gaming hubs in Asia like Singapore and Macau, we are confident that the Philippine gaming sector will be able to fully recover, or even surpass its pre-pandemic earnings soon,” Pagcor chairman and chief executive Alejandro Tengco said.
“Since the lockdowns were eased in the country last year and gaming venues reopened, customer confidence slowly returned and the attendance in our owned casinos slowly improved. Our licensed casinos likewise recorded a major revenue growth.”
