Philippines gaming regulator PAGCOR has reported income from gaming operations of Php36.57 billion (US$714.5 million) in the six months to 30 June 2019, up 9.3% year-on-year.
Net income for the period came in at Php3.08 billion (US$60.2 million), with the remainder swallowed up by Php15.8 billion in expenses and Php19.20 billion in gaming taxes and contributions, the latter of which comprised a 5% franchise tax, 50% government share and contribution to the Dangerous Drugs Board.
1H19’s net income was considerably down on the Php35.79 billion reported 12 months ago although that figure came in the wake of PAGCOR selling the 16 hectares of land upon which Solaire Resort & Casino sits to Sureste Properties Inc – the Bloomberry Resorts subsidiary that operates Solaire’s hotel and non-gaming assets – for Php37.3 billion.
In its financial statements for the six months to 30 June 2019, PAGCOR – which also directly operates a number of casinos across the Philippines under the Casino Filipino brand – revealed income directly from casino customers of Php12.13 billion and income from junket operations, non-casino customers and other income of Php25.65 billion.
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