Pagcor to boost gov't dividends despite revenue slump

Posted at 01/30/14 5:04 PM

MANILA, Philippines - The Philippine Amusement and Gaming Corp. said it will increase dividends to government by 7% this year, despite a continued decline in revenues.

Pagcor said it will turn over P1.5 billion in cash dividends this year, 7% higher than the P1.4 billion cash dividends it turned over in 2013.

For 2013, Pagcor reported a better-than-expected net income of P3.09 billion, a 10% jump from its 2012 profit of P2.8 billion.

Pagcor has been suffering a significant drop in revenues amid competition from Resorts World and Solaire, which opened last year. Melco Crown is also looking to open City of Dreams Manila later this year. - ANC