Philippine Amusement and Gaming Corp (PAGCOR), have posted a 9.5 percent increase in net income despite a decrease in VIP footfall at gambling venues in Macau.
PAGCOR posted a net income of P1.55b (US$30m) for the first quarter of 2019. The figures published are an improvement of 9.5 percent over the results posted for the same period last year.
The revenues posted are 30 million patacas in excess of what Pagcor had expected for the first quarter of 2019. Also, the revenue from gaming operations was recorded at Pataca 18.3b, which is up 15.6 percent year-on-year.
The gaming revenues exceeded Pagcor’s estimation by 10 percent.
Though the income from junket gaming operations fell 9 percent to P 220.7 million the revenues generated from licensed casinos increased by 19 percent to Pataca 6.78 billion.
The revenues from PAGCOR affiliated casinos increased by 7 percent to Pataca 2.78 billion.
The effect of the slowdown in the Chinese market and low turnout of VIP rollers was evident though it did not seem to effect much on the overall revenues.
Despite slow revenue growth posted by the Philippines gaming markets, Pagcor seems to have done par expectations to gain in the first quarter.
PAGCOR is the biggest contributor to the to Philippines gaming sector in terms of tax revenues,