Asia

PAGCOR posts impressive financial results for the first half of 2018

Published

7 years ago

August 2, 2018

Niji Narayan

Photo source: economistsjournal.com

Reading Time: < 1 minute

The Philippine Gaming and Amusement Corp (PAGCOR) has posted an 18.3 per cent gross gaming revenue (GGR) increase, exceeding its 9.7 per cent target. PAGCOR reports that it amassed US$629.4 million in revenues between January and June, higher than last year’s US$532.1 million. Its net income surged to US$298.8 million, leading to a profit of US$673.6 million, which was just US$57.4 million in 2017. The latter figure was boosted by the sale of land in an auction to Bloomberry Resorts & Entertainment.

The acquisition was completed by Bloomberry-owned Sureste Properties Inc. (SPI), which accepted the notice of award from PAGCOR, and signed the deed earlier this week. After failing to draw interest following the launch of an auction for the land in November, PAGCOR tried again with a new auction last January. Only SPI submitted a bid, but due to the casino operator and regulator’s public bidding rules, the sale could not be executed back then.

Source: Focus Gaming News

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Niji Narayan

Niji Narayan has been in the writing industry for well over a decade or so. He prides himself as one of the few survivors left in the world who have actually mastered the impossible art of copy editing. Niji graduated in Physics and obtained his Master’s degree in Communication and Journalism. He has always interested in sports writing and travel writing. He has written for numerous websites and his in-depth analytical articles top sports magazines like Cricket Today and Sports Today. He reports gaming industry headlines from all around the globe.