PAGCOR Records ₧58.96-B Revenues in 2022

February 7, 2023 | Financial

Makati City, Philippines (February 3, 2023) –According to local media reports the Philippine Amusement and Gaming Corporation (PAGCOR) posted another record-breaking feat after its total income for 2022 reached P58.96 billion, a 66.16-percent increase compared to its P35.48 billion total income in 2021.

The biggest contributor to PAGCOR’s revenue achievement was its income from gaming operations, which reached P55.05 billion. This amount is 68.71 percent higher than the P32.63-billion earnings in the previous year.

The ‘Business Mirror‘ reported PAGCOR Chairman and CEO Alejandro Tengco expressed optimism that the gaming industry will continue its growth momentum in the coming years.

“Looking at PAGCOR’s upward revenue trend since the first quarter of 2022 up to the end of the year, as well as the recovery path of other gaming hubs in Asia like Singapore and Macau, we are confident that the Philippine gaming sector will be able to fully recover, or even surpass its pre-pandemic earnings soon,” he said.

The gaming industry’s robust performance in 2022 was also attributed to the opening of Philippine borders to local and foreign tourists, which also improved the performance of the travel, entertainment, and hospitality sectors.

“Since the lockdowns were eased in the country last year and gaming venues reopened, customer confidence slowly returned and the attendance in our owned casinos slowly improved. Our licensed casinos likewise recorded major revenue growth,” Tengco said.

With the significant revenue increase, PAGCOR’s contribution to nation-building also increased by 51.30 percent—from P22.91 billion in 2021 to P34.67 billion in 2022.

Of this amount, the lion’s share of P26.15 billion went to the National Treasury as a 50 percent government share. PAGCOR also allocated P3.63 billion for the government’s socio-civic programs. Likewise, P2.75 billion was given to the Bureau of Internal Revenue as a 5-percent franchise tax, while the Board of Claims under the Department of Justice received P33.76 million.

The agency also remitted P1.30 billion to the Philippine Sports Commission (PSC) as its 5-percent share and an additional P64.39 million as Sports Incentives and Benefits. Cities hosting PAGCOR’s Casino Filipino branches also received P451.72 million.

SOURCE: Business Mirror.

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