Govt eyes P11-B revenues from Pagcor next year

ABS-CBN News

Posted at Jul 29 2011 04:09 PM | Updated as of Jul 30 2011 12:09 AM

MANILA, Philippines - State-owned casino operator Philippine Amusement and Gaming Corp. (Pagcor) is expected to turn over P11.1 billion earnings to government next year.

This is P160 million higher than its expected income contribution of P10.94 billion this year.

In 2010, the gaming firm remitted about P10.343 billion to government, 6% lower compared to what it remitted the year before.

Pagcor is mandated under Republic Act 7656 or the Dividend Law to remit at least 50% of its gross earnings to government annually.

For the first half of this year, Pagcor reported total revenues of P17.22 billion, P1.68 billion or 10% higher year-on-year.

According to the company, its strong performance was a result of efforts to maximize resources, implement prudent fiscal policies and improve gaming facilities of its flagship "Casino Filipino" brand.

Pagcor currently operates 13 Casino Filipinos and has four other licensed casinos – Fontana Casino in Pampanga, East Bay Casino in Rizal, Poro Point Casino in La Union and Fort Stotsenberg also in Pampanga.