Pagcor revenues up 11.36% to P2.759B in January

MANILA, Philippines -  The Philippine Amusement and Gaming Corp. (Pagcor) reported an 11.36-percent growth in gross revenues in January this year due to intensified marketing and entertainment efforts in the different Casino Filipino branches.

Maricar Bautista, Pagcor’s assistant vice president for corporate communications, said the state gaming firm posted gross revenues of P2.759 billion in January, up from P2.477 billion in the same period last year.

She said winnings from Pagcor’s own gaming operations reached P1.948 billion for the first month of the year, up 12.84 percent from P1.726 billion in the same period last year.

Bautista said Pagcor also generated substantial earnings from its other related services such as traditional bingo, income share from the operations of licensed casinos and poker operations.

Total income from other related services was 8.3 percent or P59 million higher compared to January 2010 figures, she added.

Meanwhile, Bautista said Pagcor generated total savings of P182 million for the month of January, adding that most of the savings were from marketing, supplies and materials, and ads/pr/promotions.

“With the higher gaming revenues and lower operating expenses, Pagcor was able to increase its remittances to its mandated beneficiaries,” Bautista said.

She said the agency remitted a total of P1.284 billion to the mandated recipients of Pagcor funds.

The franchise tax paid to the Bureau of Internal Revenue in January was higher by P11 million to P97 million; the National Government’s share was higher by P105 million to P925 million, and the Philippine Sports Commission share was up by more than P5 million to P46 million, Bautista said.