STATE-RUN Philippine Amusement and Gaming Corp. (Pagcor) breached its gaming revenue target last year as it earned P75.76 billion in gaming revenues in 2019.
Pagcor said in a statement released on Tuesday that its gross gaming revenues in 2019 rose by 11.65 percent from P67.85 billion in 2018. “The amount, likewise, exceeded the agency’s 2019 target by 1.80 percent or P1.33 billion,” said the government-owned and -controlled corporation (GOCC).
Also, Pagcor said it recorded a growth of 11.22 percent in total revenues last year if the non-regular revenues of P32.71 billion from the sale of Pagcor’s land in Entertainment City to Sureste Properties Inc., a subsidiary of Bloomberry Resorts Corp., is excluded.
In 2018, Pagcor recorded P104.12 billion in total revenues.
Of this amount, P36.27 billion came from other income, including the sale of Pagcor’s land in Entertainment City. The remaining P67.85 billion was the agency’s 2018 income from gaming operations.
Among the biggest sources of Pagcor gaming revenues are slot machine operations, electronic bingo, table games operations, regulatory fees from the Philippine Offshore Gaming Operators and fees from licensed casinos.
Over P56 billion was remitted by the government through its mandated contributions and other corporate social responsibility programs.
The bulk of the remittance, or P35.92 billion, went to the National Treasury which represents the government’s share of 50 percent, followed by the 5 percent franchise tax of P3.78 billion.
Other notable contributions of PAGCOR to the government include remittances to the Philippine Sports Commission (P1.79 billion), Dangerous Drugs Board (P60 million), and the Board of Claims (P118.91 million), an agency under the Department of Justice which grants compensation to victims of unjust imprisonment and victims of violent crimes. The state-run gaming firm also remitted P123.30 million cash incentives to national athletes and coaches who won in international sporting events by virtue of Republic Act 10699.
Cities hosting PAGCOR-operated casinos nationwide also received host cities’ share, amounting to P445.72 million.
PAGCOR is a 100-percent GOCC under the Office of the President. On its website, PAGCOR said it operates nine casino branches, collectively called Casino Filipino in major cities across the country. It also operates 32 satellite casinos in major cities in areas that are popular tourist destinations.