Pagcor remits Php 1 billion to the government; renews Thunderbird Resort’s gaming license

PAGCOR, Thunderbird Resorts

PAGCOR, Thunderbird ResortsThe Philippine Amusement and Gaming Corporation‘s (Pagcor) record-setting earnings for the month of May has resulted in a huge remittance to the Bureau of Treasury  to the tune of Php 1.014 billion. The number represents a significant increase of 20% compared to the amount – Php 843 million – Pagcor remitted to the government in the same month last year.

What’s more impressive is that in the first five months of 2012, the government agency has contributed Php 5.737 billion to the Bureau of Treasury, a figure that represents a 32% jump from the Php 4.32 billion the government earned from Pagcor from January to May of 2011.

As part of Philippine law, Pagcor is required by Republic Act 7656 to remit at least 50% of its annual gross revenue to the government. In addition to the Bureau of Treasury, Pagcor also provides funding to a number of other government agencies, including the President’s Social Fund, the Bureau of Internal Revenue, and the Philippine Sports Commission, to name a few.

It certainly goes without saying that Pagcor has been a strong contributor to the government’s revenue stream in the past year, having run record monthly earnings in 11 straight months with no apparent signs of slowing down. The strong growth of the agency can be attributed to the steady growth of gambling money coming out of its Casino Filipino facilities and the four licensed casinos in operation, as well as the continued development of the highly-anticipated Entertainment City.

In other Pagcor news, Thunderbird Resorts Inc. recently made an announcement that the company’s two casinos in the country – East Bay Casino in Rizal and Poro Point Casino in La Union –   have each been granted a 15-year authority to operate (ATO)  license. As part of this license, the two resorts are obligated to pay a 30% gaming tax and have an investment requirement of $30 million for each property. The license is valid through June 2027.