Pagcor, the Philippine Amusement and Gaming Corporation, reported a majority of its revenue in the period as gaming and operations, amounting to PHP51.66bn. The nine-month period covers operations until September 30, 2023. Other service and business activity contributed PHP3.04bn, while gains revenue amounted to PHP1.25bn. Non-operating sources accounted for PHP5.7m.
Operating expenses during this period reached PHP18.85bn, with personnel services being the largest outgoing expense at PHP10.96bn. Maintenance and other operating costs amounted to PHP5.71bn. The pre-tax profit for the nine months was PHP37.10bn, with PHP10.6m paid in taxes. After-tax profit stood at PHP37.09bn. Additionally, Pagcor made contributions worth PHP32.23bn, resulting in a comprehensive net profit of PHP4.86bn.
Pagcor recently announced plans to transition to a purely regulatory body, leading to the privatisation of its gambling operations. CEO Alejandro Tengco believes this move will level the playing field, foster future growth, and enhance viability among other operators. Currently operating the Casino Filipino chain with eight properties nationwide, Pagcor intends to enter the online gambling market with the launch of Casinofilipino.com in Q1 2024.
In order to manage the impact on staff, Pagcor is making plans to avoid displacement, particularly at the casinos that will be privatised. The corporation is also implementing changes in its corporate structure, business processes, and procedures to become more responsive and competitive as a regulator.
