Tuesday, 18th June 2024

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Pagcor 2022 Revenue Up 66%; Surpasses US$1B

Philippine Casino Regulator Philippine Play and Game Company (Pagcor) reported gross annual revenue of PHP 58.96 billion ($1.08 billion) for the entire year of 2022. Data released on Monday showed a 66.2% increase from the previous year.

Total revenue from game operations rose 68.7% year-on-year to just above $555 billion, according to the data. 경마

Pagcor’s 2022 total spending increased 61.4% Y/Y to PHP 22.59 billion. During this period, Pagcor had to deduct just below PHP 31.65 billion from grants, financial aid and other government contributions.

The game regulator and operator posted a net profit of nearly 4.45 billion PHPs in 2022, compared with 23.57 million PHPs in 2021. The 2021 results showed an 86.9% year-on-year decline in net profit amid disruptions in travel and casino businesses linked to the COVID-19 pandemic.

Despite the rise in net profit, official data showed that the 2022 results were only half of PHP 9.01 billion in 2019 before the pandemic began in early 2020.

Pagcor is a publicly owned casino operator and regulator of the entire casino industry in the Philippines, which includes private development sites. Its own brand of casinos is called “Casino Filipinos.”

The improvement comes after COVID-19 restrictions eased from March 1 in Metro Manila, home to a major commercial-casino market known as Entertainment City.

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