The Philippine Amusement and Gaming Corp (Pagcor), chaired by Al Tengco, is on a hot streak.
Pagcor reported a profit of P1.34 billion in the first quarter of 2023, which is a 97 percent increase from P624.7 million last year.
Tengco continued the momentum that Pagcor had from last year when it increased net income by over 2,000 percent to P4.45 billion due to the reopening of Philippine tourism to local and foreign visitors.
From January to March this year, Pagcor’s gaming revenues surged by 50 percent year on year to P16.88 billion.
Tengco also kept the growth in expenses to a minimum of 23 percent, reaching P6.23 billion in the first quarter of this year. Pagcor is obligated to remit half of its gross revenues to the government, and it paid out a total of P10.14 billion in taxes and contributions in the first quarter.
It anticipates gaming revenues to jump by 33 percent to P244.84 billion this year.