Pagcor targets $4.5B in gaming revenues this year

The Philippine Amusement and Gaming Corporation (Pagcor) is aiming for $4.5 billion in gaming revenues this year now that its Entertainment City is in operation, the head of the government-owned and -controlled corporation said over the weekend.

"This year's gaming revenues will be driven by the Entertainment City," said Pagcor CEO Cristino Naguiat, adding that the company hopes revenues will hit $7 billion in the next five years when the Entertainment City is fully established.

There will be big developments in the gaming industry in the second half of the year, including the opening of Melco Crown's casino in October and the start of the Solaire Phase1 A project in November, he added.

Pagcor casinos are expected to contribute five percent to the industry's overall revenue target. "We have to grow or else we will not be able to pay our employees," said Naguiat. 

Pagcor earlier announced that it would shut down its largest casino, the  Airport Casino Filipino in Parañaque, in July when its gaming license expires. It had been incurring losses for years, said Naguiat.

The Pagcor head also pointed out that while political and territorial disputes with China "did not affect the gaming industry, totally," as Chinese players continue to visit the Philippines, there have still been "opportunities lost—about 20 percent maybe," he said. — BM, GMA News