BUSINESS

Pagcor reports increased gross revenue for the first half of 2012; on target for Php 40 billion mark at the end of the year

TAGs: Business, Casino News, government, PAGCOR, Philippines

pagcor gambling revenues riseThe Philippine Amusement and Gaming Corporation (PAGCOR) has had quite an impressive run of monthly gross revenues since the calendar turned to 2012. Today, we found out just how much they’ve made in that time frame.

The government agency has reported a first half gross revenue of Php 21.32 billion, a number that represents an increase of about Php 4 billion from a year ago.

It’s been widely documented that Pagcor has strung up a string of 11 straight record-setting months of revenue that was achieved a month ago when the agency reported a gross income of Php 3.71 billion in the month of May, 22% better than their numbers from the same time last year. That number allowed the agency to send a remittance of Php 1.014 billion to the Bureau of Treasury, a similar 20% increase from the amount they gave in May of 2011.

In a statement, Pagcor CEO Cristino Naguiat Jr. proudly said that their revenue earnings for the month of June even eclipsed their May figures – Php 3.88 billion – extending their run to 12 straight months with record revenues. “We ended the two-year period with another record-breaking month in June,” Naguiat said.

“This is our newest revenue record for a single month since July 2010, the 12th time under our administration.”

Naguiat credits the reforms Pagcor’s new management has made to clean up the mess of the previous group, which was marred by allegations of corruption. In doing so, according to Naguiat, gaming experience has improved considerably for a lot of its customers. Credit also has to point to the tremendous interest being drummed up by the Entertaiment City project as a source of optimism from a lot of people that Pagcor is steering itself in the right direction.

With a target gross revenue of Php 40 billion by the end of the year, Pagcor’s half-time performance is a sign that the number they set out to reach at the start of the year might be attainable after all.

 

 

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