PAGCOR profits rise 25 percent in H1-2017

Latest H1-2017 results from the Philippine Amusement and Gaming Corporation (PAGCOR) show that the land and online gambling regulator-operator enjoyed another successful half-year, generating a 25 percent year-on-year rise in profit at P3 billion (US$60.2 million), principally from land activity.

Revenue rose almost 8.5 percent y-o-y to P23.3 billion (US$558.5 million) and the Philippines taxman benefitted by P13.4 billion.

Online operations in the new Philippine Offshore Gaming Operators (POGO) dispensation were less impressive, generating revenue of just P1.1 billion or US$21.8 million – well short of the US$ 120 million that PAGCOR hopes this sector will eventually generate.

POGO operators will soon be expected to start coughing up the $150,000 Monthly Minimum Guaranteed Fee that PAGCOR has imposed in addition to the 2 percent tax rate online operators pay on GGR.

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