Pagcor remittance drops 14 pct in May

Posted at 07/04/14 4:52 PM

MANILA, Philippines – The government's share from revenues of the Philippine Amusement and Gaming Corporation (Pagcor) dropped by 14 percent in May.

According to data from the Bureau of Treasury, Pagcor’s revenues went down to P1.1 billion from the P1.29 billion it remitted in the same month last year.

However, a boost in the country’s gaming revenues is expected with the opening of another casino-resort complex in the Entertainment City near Manila Bay later this year.

Pagcor is expecting a 13 percent increase in gaming revenues this year.

Pagcor, a government-owned and controlled corporation, is required to remit at least 50 percent of its annual gross earnings to the government under Republic Act 7656.

The gaming agency earlier reported a drop in revenues in the first quarter, but noted that the decrease was compensated by its savings from operating expenses.

Pagcor posted gross revenues of P10.36 billon in January to March this year, slightly down from the P10.39 billion posted in the same period last year.