The Philippine Amusement and Gaming Corporation (Pagcor) has announced its financial results, recording a revenue of PHP55.95 billion (around $984.4 million) in the first nine months of its financial year, ending 30 September 2023. The bulk of this income, PHP51.66 billion, stemmed from its gaming and operations. Other revenue sources included PHP3.04 billion from different services and business activities, plus PHP1.25 billion labeled as “gains” revenue. An additional PHP5.7 million was earned from non-operating sources.
In terms of expenses, Pagcor’s total operating costs during this period amounted to PHP18.85 billion. Personnel services, constituting the largest expense, came in at PHP10.96 billion, while maintenance and other operating expenses reached PHP5.71 billion. After accounting for these costs, Pagcor’s pre-tax profits stood at PHP37.10 billion. With tax payments of PHP10.6 million, the profit after tax was nearly unchanged at PHP37.09 billion.
Moreover, the organization contributed PHP32.23 billion in various forms, resulting in a comprehensive net profit of PHP4.86 billion.
Amid these financial details, Pagcor is also undergoing a transformation. CEO Alejandro Tengco recently indicated a shift in Pagcor’s focus, moving from gambling operations towards becoming a “purely regulatory” body. This aims to level the competitive field and foster growth among other operators. Pagcor is currently responsible for the Casino Filipino brand, with eight casinos across the Philippines.
Adding to this change, Tengco announced in July the plans to launch an online gambling platform, Casinofilipino.com, set to debut in the first quarter of 2024. These developments follow Tengco’s earlier statements in 2023 about divesting the corporation’s casino operations to a private entity. He also mentioned expanding Pagcor’s role in national development programs.
The move towards privatization, as Tengco explained, is to streamline operations and avoid the challenges of managing dual roles. By focusing solely on regulatory functions, Pagcor aims to enhance the industry’s growth and maintain a fair playing environment.
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