Pagcor expects gross income to pass P40-B

Posted at 07/13/12 7:46 AM

MANILA, Philippines - The Philippine Amusement Gaming Corp. (Pagcor), the state-owned gaming regulator and operator of government-run casinos, said yesterday that its gross revenues by the end of the year could surpass the P40-billion mark.

Pagcor chairman and chief executive officer Cristino Naguiat Jr. said the “operational reforms” being implemented by the agency since the start of the Aquino administration or the past two years have been paying off.

During the first semester of 2012, Pagcor’s gross revenue amounted to P21.32 billion or P4 billion more than the P17.22 billion generated in the same period last year.

In 2011, Pagcor generated P36.65 billion in total income, P5.19 billion more than the P31.46 billion recorded in 2010.

“Our performance during the last 24 months of the Aquino administration is a testament to the fact that our resolve to institute and implement operational reforms is working so well. We are able to break records and create laudable milestones,” Naguiat said.

He said that with more efficient operations, Pagcor will strive to sustain its rosy performance.

“We have set really high standards for ourselves. That is the only way to go forward. We also keep reminding ourselves that we are here to help our government raise the much-needed funds to sustain its nation-building programs,” he said.

In all, Naguiat said that in the past two years, Pagcor has generated over P73 billion in gross earnings and more than P35 billion in contributions to nation-building.

Furthermore, he said that Pagcor has recorded cumulative income growth of about 43 percent month-on-month over the past two years.

He said the reforms embraced by the new Pagcor management have helped improve gaming experience of players at Casino Filipino, higher revenues and better profitability ratio for the agency.

“We ended the two-year period with another record-breaking month in June. We earned a total income of P3.88 billion in June 2012. This is our newest revenue record for a single month since July 2010, the 12th time under our administration,” Naguiat said.