PAGCOR Financials Post Huge Upswings

The Philippine Amusement and Gaming Corporation (PAGCOR) has posted hefty upswings in its financials for the first semester of the year following Chairman and CEO Alejandro H. Tengco’s negotiated increase in its revenue share on its slot terminals, among others, and a tight rein on its expenditures.

Photo Insert: Compared with the pre-pandemic level of P3.07 billion, PAGCOR is on track to also go beyond this huge income stream as Tengco continues to identify possible increases in the share of PAGCOR from its casino licensees.

Gross gaming revenues of the gaming agency for the January to June period amounted to P136.3 billion, which is P44.65 billion higher than its GGR for the comparative period last year of P91.7 billion for a huge 48.68 percent increase.

Tengco’s stewardship of the gaming agency also showed a sterling accomplishment with its net income of P2.965 billion which is 480 percent above its target income of P510.86 million.

Actually, its net income for the six-month period already eclipsed its 2022 whole-year performance of P2.159 billion which proved Tengco’s managerial mettle at the gaming agency.

Already, Tengco has crafted new directions for PAGCOR, including even the privatization of its own casinos as he sought to remove the conflict between PAGCOR as a regulator and PAGCOR as a casino owner.

Compared with the pre-pandemic level of P3.07 billion, PAGCOR is on track to also go beyond this huge income stream as Tengco continues to identify possible increases in the share of PAGCOR from its casino licensees.

One case in point was the way Tengco negotiated for a higher share from slot terminals which are the favorite gaming spots of casino visitors.

Tengco’s performance at the gaming agency has even earned the admiration of Congressman Joey Sarte Salceda, Chairman of the powerful Ways and Means Committee, who cited the “impressive financial performance" of PAGCOR.

In fact, Salceda poured cold water on suggestions against PAGCORr’s logo citing that what is important is that the gaming agency is delivering on its mandate to increase its dividend contribution for the government.

"He has negotiated a higher government share in revenues of slot machine terminals, and is doing his best to clean up PAGCOR assets and financials in preparation for possible privatization," the Albay representative said.

"So, in judging PAGCOR, I would focus on that mandate and on progress made," he added. Salceda also said that the cost for the logo was low and that the creatives are not for him to judge.

Tengco has been particularly focused on the delivery of services for the government. Last Monday, Tengco with officials from the Bases Conversion Development Authority, Clark Development Authority and Bloomberry Foundation, presided over the planned establishment of a Clark multi-specialty hospital that would service the residents of Regions 1, 2, and 3.

With the multi-specialty hospital, residents need not go to Metro Manila for their medical procedures.

That just goes to show that Tengco has proved to be an excellent steward of the gaming agency and with the way he has made significant strides in overseeing PAGCOR’s operations, many more innovations will be introduced that will go a long way in accomplishing its mission not just at nation-building but in further reviving the economy.

Already, many new fronts are underway in the gaming agency’s platform that would lead to much higher revenues.

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