PAGCOR reports big increase in earnings

Filipino gambling operator PAGCOR, the state monopoly holder and the country’s gambling regulator, has reported 2022 GGR of US$1.07bn, up 66.1 per cent.

Its overall revenues totalled $81.4m, up over 2,000 per cent, although it remains a fall on the $176.7m profits of 2019.

The organisation is going through a time of pressure as there are calls for it to be broken into two separate parts, one for its operations and the other for its regulatory responsibilities. There is also a proposal that the country should ban offshore operators.

The 2022 results were skewed by the lifting pandemic restrictions.