PAGCOR reports net income of PHP4.8 billion for first nine months of 2023

The Philippine Amusement and Gaming Corp. (Pagcor) reported net profits for the first nine months of 2023 of over PHP4.86 billion, which represents a 39.7% rise over the same time the previous year. Pagcor’s net income increased by 16.0% to PHP1.89 billion in the third quarter of 2023 compared to the second quarter.

All of the publicly owned casinos in the Philippines are owned and operated by Pagcor. The “Casino Filipino,” one of their own casinos, added to their fortune.

For the nine months that ended on September 30, Pagcor brought in PHP55.95 billion in revenue. Of that total, gaming activities accounted for PHP51.66 billion, up 31.9% from the same time previous year. Sales reached PHP19.73 billion in the third quarter alone, up 6.6% over the second quarter. The quarterly gaming revenue climbed by 1.7% to PHP17.53 billion.

Over PHP18.85 billion was spent in total during the first nine months of 2023, a 17.2% increase over the same period the year before. In accordance with the law, Pagcor paid PHP32.23 billion in taxes and contributions to the national government, representing at least half of its total earnings for the first nine months of the year.

The chairman and CEO of Pagcor, Alejandro Tengco, had earlier predicted that by 2023, the gaming industry in the Philippines—which comprises both privately held and Pagcor-run establishments—will bring in a minimum of PHP272.74 billion.

Original article by: GGRAsia