The Philippine Amusement and Gaming Corporation (PAGCOR) has boosted federal coffers by around US $170 million after recording a 15.6 per cent increase in total revenue for the first quarter.
PAGCOR delivers $170m in Q1 taxes for Philippines
The federal government of the Philippines has enjoyed a windfall from gambling taxes in the opening quarter of 2019.
The Philippine Amusement and Gaming Corporation (PAGCOR) recorded overall income of US $353.5 million (PHP 18.27bn) for the first three months of the year.
That marks a 15.6 per cent year-on-year increase for the January-March sector.
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Philippines law requires PAGCOR to pay 50 per cent of total earnings to the government, which equates to around $170 million after taxes and donations.
That leaves the national gambling regulator with a net income of about $160m – a 9.5 per cent jump on 2018’s takings for the same period.
Much of that money comes from the country’s casinos, which generated $3.6 billion in gross gaming revenue last year.
The most profitable venues are the four integrated resorts in Manila, with City of Dreams, Okada, Resorts World and Solaire taking $2.71 billion between them.
PAGCOR also operates dozens of gaming venues around the country, including eight Casino Filipino locations.
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