The Philippine’s state-run gaming company Pagcor posted record results for a record breaking 11th consecutive month (Pagcor) in May when it generated P3.71bn.
Gross Gaming revenue for the year up to May has reached at P17.43bn, a staggering P3.26bn higher the for the same period last year.
Chairman and CEO Cristino Naguiat said: “Our May performance is the third time this year to have posted a new revenue record. We earned P3.56bn in February and P3.67bn last March. Gaming action in our tables and slot machines remains upbeat. In fact, our earnings from Pagcor’s own gaming operations in May increased by almost P350m or 17 per cent compared to our P2bn gaming income in May 2011. The branches’ dynamic performance allows us to give bigger remittances to government for its nation-building programs. Of the P3.71bn income generated last May, we have allocated P1.61bn as Pagcor’s contributions to nation-building. This is higher by P245m or one per cent more than the P1.36bn in remittances we made in May 2011,” Naguiat said.
The amount will be distributed to the following: P118m to be paid as franchise tax to the Bureau of Internal Revenue; P1.12bn to the National Treasury representing 50 per cent government’s share from Pagcor’s gross income; P200m to the President’s Social Fund; P56m to the Philippine Sports Commission; P40m to Pagcor’s casino-host cities for their community development programs; P70m for socio-civic projects; and P6.64m to the Board of Claims to help victims of injustice.
Mr. Naguiat is hoping that the total for the year will surpass P44bn with the group’s gaming operations generating about 70 per cent or P31bn of that total.
The group has sets its sights for Manila as a whole high. It has brought in international names to operate in its Entertainment City Manila, which it believes has the potential to attract over 1m annual visitors and claim at least a 10 per cent slice of the estimated US$120bn-a-year global casino industry.