PAGCOR posts P3.5 B income for February 2012

The state-owned Philippine Amusement and Gaming Corporation (PAGCOR) has continued its record-breaking revenue performance, posting P3.56 billion gross income for February, this year.
Cristino Naguiat Jr., PAGCOR chairman and chief executive officer, said this is the ninth time since July 2010 that the gaming agency posted the highest gross earnings for a single month in its 25-year history.
Of the gross income for February, P1.22 billion will go to the National Treasury as government share; P129 million to the Bureau of Internal Revenue (BIR) as franchise tax; P61 million to the Philippine Sports Commission to boost sports development in the country; P201 million to the President’s Social Fund; and P1.67 million to the Board of Claims to support victims of injustice.
A total of P40 million has been paid to cities hosting Casino Filipino branches.
Naguiat is optimistic that PAGCOR will reach its gross income target of P45 billion for 2012.
“We are relying on the continued support and dedication of our more than 12,000 personnel nationwide, especially those in the frontlines. They are the main reason why our customers – especially our foreign VIP players – keep coming back,” he said.
PAGCOR began posting new monthly income records during the first month of its new management in July 2010, earning P2.93 billion compared to the highest monthly revenue generated by the corporation in May 2010 (P2.74 billion) under its previous administration.
This was followed by more record-setting performances last year in March (P2.98 billion), May (P3.03 billion), June (P3.05 billion), July (P3.10 billion), August (P3.11 billion), September (P3.34 billion), and December (P3.50 billion).
According to Naguiat, PAGCOR’s gross revenue last month was far better by almost a billion pesos compared to the P2.63 billion the agency generated in February 2011.
The corporation also exceeded its February 2012 income target by P274 million.
“Last February, our winnings from our own casino operations reached P2.58 billion, by far the highest gaming income ever recorded by PAGCOR as a casino operator,” Naguiat said in a statement.
The agency’s previous winnings record was P2.45 billion which was attained in December 2011.
Naguiat attributed the record-breaking February income performance of PAGCOR to the sustained improvement of marketing programs for Casino Filipino’s foreign and local markets, upgrading of slot machines, and rationalization of expenses in gaming operations. (PNA)