The Philippine Amusement and Gaming Corporation (Pagcor) has been hitting a lot of its recent targets over the past few years. But with those string of accomplishments, it was only a matter of time before the positive vibes would come to an end. Apparently, that time has come after the Philippines’ state-run agency reported gross revenues of Php30.8 billion in the first nine months of the year, five percent lower than its Php32.5 billion target for the period.
Likewise, Pagcor’s gross income also took a minor yet noticeable hit in the first three-quarters of 2013 falling by 1.2 percent compared to the P31.16 billion in earned in the same period last year. While this doesn’t necessarily point to the beginning to a trend, it’s worth noting that the Philippine gambling market is still a fragile one that’s subjected to fluctuations.
There’s still reason to be optimistic, especially with the opening of three of the four integrated resorts and casinos in Entertainment City anywhere from next year to the year after. Bloomberry’s Solaire Resort & Casino is the only one that’s already open for business.
But even with the comfort of knowing that the market still has tremendous potential, Pagcor’s three-quarter earnings for 2013 still reflected a minor dip in gross revenue winnings. Income from gaming operations also fell short of the agency’s target by 4.5 percent to Php21.22 billion, compared to the Php22.22 billion it had expected to take home. it was still higher than the Php21.04 billion it posted last year, but a growth of use 0.8 percent isn’t exactly reason to be jumping up for joy.
The month of September was especially concerning after Pagcor also registered lower gross income, largely due to low winnings from table games and slot machine operations of its casinos and other betting establishments. Even its non-gambling revenue sources also fell shy of targets, dropping 6.6 percent to just Php9.58 billion from the Php10.26 billion it had hoped to gain.
The agency has made no mistake about its intention to reach Php42.9 billion in total revenues by the year’s end. But judging from how the first three quarters have done, it’s becoming pretty evident that Pagcor has some serious catching up to do.
