Filipino Gambling Profits Lower than Expected

While 2013 was a slow year for gambling, PAGCOR is expecting higher revenues this year.

The Philippine Amusement and Gaming Corporation (PAGCOR) has published its final figures for 2013 and the results are disappointing. The state-run gambling company and regulator has earned PHP 40.52 billion in 2013 and while this makes it the country’s third biggest revenue generator, the income is still below what PAGCOR initially expected.

At the beginning of last year, PAGCOR officials projected a total revenue of PHP 40.88 billion, but the company’s earnings turned out to be 5.5% below that figure. Total gaming income saw a slight increase of 0.36% in 2013, reaching PHP 27.58 billion.

Two more casinos to open in 2014

Gambling is popular in the Philippines and PAGCOR alone operates 12 Casino Filipino facilities, along with four casinos licensed under Filipino gambling laws. A few years ago, the country decided to hand out four new licenses in Manila Bay’s Entertainment City. The Solaire Resort opened in 2013 and was the first casino to operate in this area.

Belle Corporation and Melco Crown Entertainment are expected to launch their businesses this year, and while the competition caused PAGCOR to close its Heritage Hotel casino, the company is expecting increased income from gambling taxes.

Internet gambling in the Philippines is another revenue generator, as this is the only country in Asia that awards licenses to online casinos.