Philippines: PAGCOR’s Income Up By 10 Percent

Philippines: PAGCOR's Income Up By 10 Percent

Philippine Amusement and Gaming Corp. (Pagcor) has posted a double-digit increase in revenue for the first nine months to September 30, 2019.

The country’s gambling regulator and operator has grossed ₱50.77 billion in gross revenues. For the same period the previous year, PAGCOR reported gross revenue of ₱50.31 billion.

PAGCOR in its latest financial report posted that its income has jumped by 10.9 percent during the first nine months.

Fees from licensed casino operators were the biggest contributor to the gambling regulator’s revenue with ₱21.1 billion.

The revenue from Casino Filipino’s slot machines and table games brought in ₱10.2 billion, and ₱.2 billion in revenue.

The gambling regulator grossed ₱8.7 billion from electronic Bingo, another ₱4 billion from Philippine offshore gaming operators, and ₱1.79 billion from electronic gaming operations.

Pagcor operates 47 casinos in the country.

The Philippines’ National Economic and Development Authority (NEDA) recently said that PAGCOR operated casinos would be better off in private hands. While studying a proposal to privatize the casinos operated by PAGCOR, the chief of NEDA said that the private sector would be better placed to operate the state-owned casinos.

The government in the Philippines is also planning to increase the taxes for POGOS. Last week, House of Representatives member Joey Salceda came up with a proposal that calls for a 5% franchise tax on POGOs. This would be in addition to the current taxes and fees levied on these licensed gambling establishments.

On top of the 5 percent franchise tax, the lawmaker has also proposed a gambling tax of $10,000 per table for live betting operations, and $5,000 for RNG games.

Leave a Reply

Your email address will not be published. Required fields are marked *