BUSINESS

Pagcor’s gross revenue hits Php107 billion in under three years

TAGs: cristino naguiat, gambling, PAGCOR

pagcor-naguiat-pagcor-2013It’s safe to say that in three years since Cristino Naguiat Jr. took the helm as Pagcor’s chief executive officer, the government-owned agency has taken significant steps to distance itself from the beleaguered previous administration. No more has that been evident than in the record gross revenue run the agency has been on, which, according to Pagcor, has reached Php107 billion since July 2010.

“We are happy to note that in less than three years of our administration, Pagcor has already generated over P107 billion in gross revenues from July 2010 to April 2013,” Naguiat said in a statement. “Of this amount, at least P54 billion was remitted as our contributions to nation-building.”

The most recent indication of Pagcor’s strong performance came earlier this week when its CEO presented Philippine president Benigno Aquino a check amounting to Php1.4 billion in cash dividends. All told, the National Treasury received over Php7 billion from Pagcor from December 2012 to April 2013, representing the 50 percent allocation the government stands to receive under law.

The agency’s impressive revenue run has even caught the attention of President Aquino who praised Pagcor’s contributions during the recent “GOCC Dividends Day” earlier this week. It certainly goes without saying that the government agency has put its best foot forward in recent years and the results have shown nothing but impressive numbers. Last year, Pagcor earned a total gross revenue of a little over Php 40 billion, the most it has earned in a year’s time in the agency’s history.

For 2013, Pagcor has set a goal of reaching Php44 billion in gross gaming revenue, representing a 10 percent improvement from its 2012 numbers. The opening of Solaire Manila in Entertainment City, as well as Increased contributions from its existing gaming activities like e-games, commercial bingo, and poker are expected to help Pagcor attain this goal.

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