According to reports, the Philippines’ gaming regulator revealed that its total third-quarter gaming revenue exceeded an earlier projection and more than doubled year over year to reach $248.9 million.
The most recent figure from the Philippine Amusement and Gaming Corporation (PAGCor), which was reported on Sunday by Inside Asian Gaming, was about 103.5% higher than the $122.3 million recorded for the third quarter of last year and was about 7.8% higher than the most recent second-quarter total of about $230.9 million. According to the source, this development showed how the Asian country’s gaming sector was still recovering after more than two years of turmoil brought on by the coronavirus, which resulted in the deaths of more than 64,000 citizens.
In addition to being the Philippines’ official regulator for both land-based and online gaming, PAGCor is reportedly in charge of the 19,900 slots and more than 2,000 gaming tables that are available at its six Casino Filipino-branded establishments, as well as a network of about 30 satellite properties spread throughout the archipelagic country. Andrea Domingo, the former boss of the company, allegedly revealed in April that the ongoing easing of several coronavirus-related capacity, social isolation, and public health restrictions was helping the state-run operator increase its revenues so that it could give even more to the national treasury.
Most recent leadership:
According to reports, in August, newly elected president of the Philippines Ferdinand “Bongbong” Marcos Jr. named close friend Alejandro Tengco to be the organization’s new chairman and CEO. This action allegedly took place about six months after the 109 million-person country started reopening its borders to foreign tourists and lifting numerous lockdown-related restrictions related to the coronavirus.
The total charge
According to reports, PAGCor reported that its total gaming revenue for the nine months ending in September increased by 75.8% year over year to just over $673.3 million, outpacing an earlier estimate provided to the Department of Budget and Management by 5.9%. According to reports, this increased the company’s total period sales by 73.5% to close to $727 million and increased the related profit by a very healthy 1,790% to roughly $59.8 million.
Public benefit:
According to law, PAGCor must pay at least half of its gross income in federal taxes, and it is also obligated to make a number of other mandatory contributions and subsidies. According to the state-run operator’s most recent result, since the year’s beginning, it has allegedly distributed just north of $386.2 million in such duties, an increase of 2,062% over its previous estimate. www.globeinternational.info
