The Philippines’ state-owned casino operator shrugged off a weaker-than-expected performance in 2013 to predict solid growth for the year ahead.
The Philippine Amusement and Gaming Corporation, which regulates the country’s land-based and online gaming industries and runs 13 casinos of its own under the Casino Filipino brand, along some two dozen slot arcades, is the government’s second-largest revenue source after the Tax and Customs Authority.
But the public’s 2013 take through November dipped to PHP12.07 billion (US$264.5 million) from 2012’s 12.17 billion on revenues that are expected to total PHP42.9 billion ($950.7 million) for the full 12 months, short of PAGCOR’s forecast of 44 billion.
But the company is looking forward to PHP45.47 billion in 2014, a 6% increase year on year if it comes to pass, and it would take revenues over the US$1 billion mark. The forecast is based on expected increases in gaming revenues and regulatory fees and the opening of City of Dreams Manila, the second of four destination-scale casino hotels licensed for a special resort district on Manila Bay called Entertainment City.
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