Philippines treasurer does well out of PAGCOR’s first quarter earnings
News on 2 May 2018
News on 2 May 2018
In the Philippines, the state operated gambling regulator and operator Philippine Amusement and Gaming Corp (Pagcor) has posted a positive Q1-2018, highlighting the following:
* Net income up 7.6 percent y-o-y at PHP1.42 billion (US$27.3 million);
* Total revenue from gaming operations up 12.5 percent at PHP15.80 billion;
* PHP8.29 billion paid out in gaming taxes and contributions based on GGR – deductions included PHP7.49 billion directly transferred to the Bureau of the Treasury (Pagcor is required by law to pass at least 50 percent of its annual gross earnings to Treasury);
* Total income net of taxes up 9.3 percent at almost PHP8.45 million;
* Total expenses increased by 9.7 percent to PHP7.03 billion;
* Regulatory fees collected from licensed (land) casinos was around PHP5.70 billion;
* Income from fees associated with the 53 licensed offshore gaming operators (POGOs) reached PHP1.15 billion;
