PAGCOR has reported a 49 per cent increase in income from gaming operations during the first quarter, topping PHP16.87bn (US$303.19m).
The Philippines regulator and operator’s total income for the period also came in comfortably over last year and above its target, up 42.6 per cent yearly and 18 per cent above target, at PHP17.7bn ($317.97m).
The group also recorded a 114 per cent yearly increase in profit, totaling PHP1.33bn ($24m), 423.39 per cent above target.
The results, released on Monday, go in line with a continual rebound in industry-wide revenues in the Philippines and revamped PAGCOR leadership which is being lauded as acting as a partner to the industry.
The group is now targeting $4.5bn in GGR for this year, upping it by 33.1 per cent compared to last year’s target and 14.2 per cent above the actual FY22 GGR figures.
The group is also moving to privatise all of its self-operated casinos under its Casino Filipino brand, likely through a tender open to both local and international bidders.
Speaking previously of the group’s 2023 goals, the group’s chairman and CEO, Alejandro H Tengco, said: “We will ensure that our plans and programmes for 2023 will be generally beneficial to our industries, putting foremost the interests of responsible gaming.”
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