The state-run Philippine Amusement and Gaming Corporation missed its profit target for the first half of the year, in part due to higher contributions to the government, but said it expects earnings to improve in 2014.
The operator/regulator posted PHP1.4 billion in net income for the period (US$31.9 million), off by 5% of projections, on total revenues of PHP21.06 billion ($480.2 million), which was down slightly (‒1.2%) from the first half of 2012.
Gaming operations exceeded forecasts, however, coming in at PHP14.73 billion ($335.8 million).
PAGCOR regulates Philippines gaming in both the public and private sectors and operates 13 Casino Filipino-branded casinos and about two dozen slot halls around the country comprising a total of 7,100 machine games and 650 live tables.
The corporation said it managed to reduce its expenses in the first half, but its contributions to the national government exceeded forecasts by 16% at PHP10.64 billion, the bulk of which—50% after deducting a 5% franchise tax, or PHP6.97 billion—went directly to the Bureau of the Treasury.
PAGCOR Chairman Cristino L. Naguiat had said earlier this year that total revenues could reach P44.15 billion in 2013, higher by 8% over 2012, while earnings are projected to rebound in 2014 by 6% on an increase in total revenues to PHP43.16 billion.
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