Pagcor H1 revenues decline 5.2 percent

    The Philippine Amusement and Gaming Corp said its first-half revenue dropped 5.2 percent after it temporarily cut license fees paid by gaming operators in Manila’s Entertainment City.
    The state-run gaming regulator and operator’s total revenues slid to P19.96 billion ($445 million) in the first half of the year from P21.06 billion posted in the same period last year.
    Pagcor said revenue from other income such as license fees dropped 26 percent to 4.47 billion pesos.
    The regulator cut license fees to 5 percent from 15 percent of gross gaming revenues from high roller tables and junket operations, while fees were lowered to 15 percent from 25 percent on gross gaming revenues from non-high roller tables, slot machines and electronic gaming machines.
    The temporary cuts were designed to offset the impact of a decision by the Bureau of Internal Revenue (BIR) to implement a 30 percent income tax on operators.
    PAGCOR gaming revenues edged up 1 percent to P14.89 billion from the P14.73 billion in the same period last year, while net income in the first half of the year dropped 6 percent to P1.32 billion from P1.4 billion in the previous year.
    Its remittance to Bureau of Treasury reached P7.04 billion.