P.a.g.c.o.r. First Half Revenues Down

By Brian Cullingworth, Last updated Aug 29, 2014

Regulator and operator suffers the consequences of a licence fee cut

Philippines gambling regulator and operator Philippine Amusement and Gaming Corporation (PAGCOR) has reported first half 2014 revenues down y-o-y 5.2 percent to pesos 19.96 billion ($445 million), attributing the decline in part to its action in temporarily reducing licence fees for Manila Entertainment City operators.
The reduction saw licence income decline 26 percent to pesos 4.47 billion, the regulatory division disclosed, revealing that high roller and junket gambling licence fees were cut from 15 percent of GGR to 5.2 percent, whilst those for slot machines and electronic gaming machines were chopped from 25 percent to 15 percent of GGR.
Regulatory officials explained that the fee reductions were designed to offset the impact of a decision by the Bureau of Internal Revenue to implement a 30 percent income tax on operators.
PAGCOR gaming revenues actually rose marginally by 1 percent to pesos 14.89 billion, but H1-2014 net income declined 6 percent to pesos 1.32 billion.
Contributions to the coffers of the Bureau of Treasury during the reporting period reached pesos 7.04 billion.

Online Casino News Courtesy of Infopowa

Brian Cullingworth

Infopowa news was a staple of Casinomeister’s news from 2000 until 2019. Brian Cullingworth was the main writer, contributor, and was one of the most knowledgeable persons I have ever known involved in the online casino industry.

We first met in January 2001 at the ICE in London where I observed him going booth to booth interviewing online casino, software, and licensing jurisdiction representatives. Brian was also heavily involved with our forum as “Jetset“, he was involved as an informal consultant to eCOGRA, the OPA, and was a player advocate who assisted countless aggrieved players with his connections to industry folks. He also published “Casino Cautions” via Infopowa news for quite a number of years. These can be found in our news archives.

His passing in February 2019 was a dark day for us. He will be forever missed.

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