May 2011 Income of P3.03-B is highest in PAGCOR’s history

In only 10 months after its new management assumed office, the Philippine Amusement and Gaming Corporation posted record-breaking gross revenues of P3.03 billion last May, the highest ever in PAGCOR’s 25-year history.

PAGCOR Chairman and CEO Cristino L. Naguiat, Jr. said the state-run gaming firm increased its revenues by P297 million in May 2011 compared to the same period last year. “We generated more than P2.01 billion from our gaming operations and P1.02 billion from regulated gaming operations like commercial bingo and licensed casino operations, among others,” he noted.

PAGCOR May 2011 gross income highest ever

The agency’s May revenues brought to P14.16 billion the total income of PAGCOR during the first five months of the year. This is P1.34 billion higher than the gross earnings of PAGCOR from January to May 2010.

The Corporation’s remarkable performance, according to Naguiat, was mainly due to the management’s campaign to maximize company’s resources, make use of prudent fiscal policies, and continue efforts to enhance Casino Filipino’s gaming facilities.

According to Naguiat, competition in the gaming industry is fiercer than ever. “Since PAGCOR is a government agency, we cannot go full blast in terms of fully renovating our properties. Nonetheless, we are pursuing modernization efforts using cost-efficient means,” he said.

The PAGCOR CEO said the ultimate goal is to transform the casinos from being mere gaming centers into wholesome recreation, entertainment centers for local and foreign tourists alike. “This dream, no matter how ambitious, is something that our management will pursue,” Naguiat noted.

Under Naguiat’s term, PAGCOR has significantly cut back on operating expenses since 2010.

“Since last year, we have consistently been saving millions of pesos from operational costs. Last May, we were able to reduce operating expenses by 15%. This translates to a P185 million savings versus 2010 figures,” cited Naguiat. Records show that PAGCOR has already saved about P874 million from January to May this year.

With higher revenues and bigger savings, PAGCOR was able to substantially increase its contributions to the National Government. During the period in review, PAGCOR’s remittances to the National Treasury, the Bureau of Internal Revenue (BIR) and the Philippine Sports Commission (PSC) amounted to P1.105 billion, up by almost P37 million compared to the May 2010 remittances of P1.068 billion.

PAGCOR also remitted portions of its net income to other legal beneficiaries like the President’s Social Fund, the Board of Claims, host cities and the socio-civic projects of the government. About P264 million was remitted to these beneficiaries in May.

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