The Philippine Amusement and Gaming Corporation lost some momentum in 2013 and the national government’s share of from the revenues took its own hit. From January to November of 2013, the national treasury’s Php12.076 billion take from Pagcor’s revenue pie ended up being slightly lower than the Php 12.176 billion it earned in the same period in 2012.
While that can be attributed to a number of factors, Pagcor remains confident that the slow growth in 2013 would have no effect on what it’s projecting to be a stout 2014 with growth estimated to reach Php45.47 billion, six percent better than its expected Php42.9 billion tally in 2013 yet short of its $44 billion target. Conversely, that figure, should it ring accurate, would represent a five percent growth compared to its overall take in 2012, which amounted to Php40.88 billion.
For the month of November 2013, the national government also saw its share from Pagcor’s revenues drop by Php 57 million from Php1.065 billion to Php1.008 billion. These numbers may not be all that significant in the grander scheme of things, but it’s not what the government-run agency was expecting when it was doing a lot of horn tooting in 2012 about the surge in growth of the gambling industry in the Philippines.
Still and all, Pagcor is looking forward to bigger things in 2014, in large part because of the projected increase in revenues from higher gaming income, regulatory fees, and the opening of City of Dreams Manila, which will become the second of the four integrated resorts and casinos to open in Entertainment City.
In other Pagcor-related news, the agency expanded its casino operations in the southern city of Bacolod with the opening of a new establishment inside the L’ Fisher Hotel. With the opening of the new casino, Pagcor’s has a new business operation in the bustling Visayas city on top of the casino it has been operating at the Goldenfield Commercial Complex since the 1990s. “This is a management decision to take this direction,” Pagcor chairman Cristino Naguiat Jr. said regarding the opening of the new casino at the L’ Fisher Hotel.
“We have a target to achieve. Bacolod and Negros Occidental have a potential in terms of tourism. This is a beautiful casino now,” he added, as quoted by SunStar.
