State-run Philippine Amusement and Gaming Corporation (PAGCOR) saw high double-digit growth in its top line last year.
In a statement on Thursday, PAGCOR said it posted a “record-breaking feat” as it booked P58.96 billion in revenues in 2022, up 66.16% from P35.48 billion in 2021.
The state gaming firm said the biggest contributor to its revenues last year was its income from gaming operations which reached P55.05 billion.
The amount is 68.71% higher compared to the P32.63 billion seen in 2021.
“Looking at PAGCOR’s upward revenue trend since the first quarter of 2022 up to the end of the year, as well as the recovery path of other gaming hubs in Asia like Singapore and Macau, we are confident that the Philippine gaming sector will be able to fully recover, or even surpass its pre-pandemic earnings soon,” said PAGCOR chairman and CEO Alejandro Tengco.
PAGCOR also attributed the gaming industry’s robust performance in 2022 to the opening of Philippine borders to local and foreign tourists, which also improved the performance of the travel, entertainment, and hospitality sectors.
“Since the lockdowns were eased in the country last year and gaming venues reopened, customer confidence slowly returned and the attendance in our owned casinos slowly improved. Our licensed casinos likewise recorded a major revenue growth,” said Tengco.
The state gaming firm said its contribution to “nation-building,” likewise, grew by 51.30% to P34.67 billion from P22.91 in 2021.
Of the said amount, the lion’s share of P26.15 billion went to the National Treasury as 50% government share.
PAGCOR said it allocated P3.63 billion for the government’s socio-civic programs, while P2.75 billion was given to the Bureau of Internal Revenue as a 5% franchise tax.
Meanwhile, the Board of Claims under the Department of Justice received P33.76 million, it said.
The state gaming firm said it also remitted P1.30 billion to the Philippine Sports Commission (PSC) as its 5% share and an additional P64.39 million as Sports Incentives and Benefits.
It added that cities hosting PAGCOR’s Casino Filipino branches also received P451.72 million. —NB, GMA Integrated News