THE Philippine Amusement and Gaming Corp. (Pagcor) reported that its gross gaming revenues (GGR) for the first half of the year rose by 9.33 percent to P36.566 billion, from P33.445 billion recorded in the same period in 2018.
The government-owned and -controlled corporation (GOCC) said its GGR for the January-to-June period also overshot its target of P33.351 billion.
Based on its latest financial statement, Pagcor’s total gaming taxes and contributions amounted to P19.917 billion, 13.4 percent higher than the P17.559 billion recorded last year.
Gaming taxes paid and contributions made by Pagcor include a 5-percent franchise tax which amounted to P1.828 billion, a 50-percent government share which reached P17.339 billion, and the P30 million in dividends it gave to the Dangerous Drug Board in line with Republic Act (RA) 9165, or the Comprehensive Dangerous Drugs Act.
Netting out gaming taxes and contributions, Pagcor’s gaming income for the period amounted to P17.369 billion, 9.33 percent higher than last year’s P15.886 billion.
Its total expenses for the period reached P15.803 billion, nearly 12 percent higher than last year’s P14.113 billion. Pagcor’s expenses exceeded its target of P14.169 billion for the period.
Pagcor used the P15.803 billion for operational expenses, funding for corporate social responsibility projects, as well as contributions to other agencies as mandated by special laws.
The GOCC’s net income for the first half amounted to P3.078 billion, down 91.4 percent from last year’s P35.794 billion.
Last year, Pagcor sold a 16-hectare parcel of land within the Entertainment City to Bloomberry Resorts Corp. for P37.3 billion in line with its resort expansion plans, allowing it to record more than P30 billion in income.
Pagcor also earns from shares, license fees, offshore gaming operations, rental, and entertainment, apart from its casinos.
The Department of Finance’s Corporate Affairs Group reported that it collected P40.17 billion from GOCCs for remittance to the Bureau of the Treasury last year. This represented a 32-percent jump from the P30.46 billion collected in 2017.
Pagcor, which remitted P2.593 billion to the national government, was regarded as one of the top dividend contributors in 2018.