Last year’s gambling profits are lower than Pagcor initially projected.
The Philippine gambling industry has hit a rough patch, as local
gambling news report the government’s share from casino profits were lower than expected. From January 2013 to November, the Philippine Amusement and Gaming Corporation (Pagcor) announced an income of PHP 12.076 billion for the nation’s budget, that’s PHP 100 billion less than during the previous year.
While figures might not reflect a significant decrease in revenues, this is certainly not what Pagcor was expecting in 2012.
Despite the declining figures, the agency is projecting a 6% growth for 2014. Pagcor officials are expecting increased revenues from regulatory fees, as well as higher profits in the gambling industry, with the upcoming opening of City of Dreams Manila.
Casino expansion in the Philippines
Pagcor is an organization owned and controlled by the government, its responsibilities including regulating most of the country’s gambling industry. Taking advantage of the current Philippine gambling laws, the agency recently expanded its casino business in Bacolod, by opening a new gambling venue inside the L’ Fisher Hotel.
Regarding the opening of the new casino, Chairman Cristino Naguiat Jr. explained: “This is a management decision to take this direction. We have a target to achieve. Bacolod and Negros Occidental have a potential in terms of tourism. This is a beautiful casino now.”