Pagcor has reported its net income for the first three months of 2019 rose 9.5 percent from the same period last year to hit $30m, after a rise in gaming revenue mitigated the growing cost of operation.
The Philippine state owned operator and national regulator saw gaming revenue climb 15.6 percent year-on-year to achieve $352.1m, ten percent higher than the group’s target, thanks to casino income increasing 19 percent to $130.4m.
The revenue rise comes despite a nine percent decline in junket operations to $4.2m, as mass market table gaming contributed $53.5m to the total, seven percent higher than 2018, and slots added $64.4m, up 13.6 percent from last year.
While regulatory fees collected from land-based casinos jumped 19 percent, income from the country’s locally-licensed POGOs increased 17 percent, delivering $25.7m from the slightly fewer than 200 offshore operators.
The Philippine retail network of land-based electronic gaming and bingo verticals also saw significant growth, with revenue for electronic gaming jumping 13.6 percent to $11.1m, while bingo revenue increased 20 percent to $53.5m.
Income from operator taxes hit $186.4m for the period, a 14.7 percent increase on 2018, however total expenses also increased, with the $156.6m deduction figure representing a 15.8 percent rise on Q118.
Total revenue for 2018 increased a staggering 536.6 percent from 2017, reaching $606m, however this figure includes the one-off sale of two parcels of land in Manila to Bloomberry Resorts Corporation for $718m in June of last year.