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

P.A.G.C.O.R. FIRST HALF REVENUES DOWN

26th August, 2014 at 05:09:58
Source: http://www.azonlinecasinos.com

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% 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% to pesos 4.47 billion, the regulatory division disclosed, revealing that high roller and junket gambling licence fees were cut from 15% of GGR to 5.2 percent, whilst those for slot machines and electronic gaming machines were chopped from 25% to 15% 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% income tax on operators.

PAGCOR gaming revenues actually rose marginally by 1% to pesos 14.89 billion, but H1-2014 net income declined 6% to pesos 1.32 billion.

Contributions to the coffers of the Bureau of Treasury during the reporting period reached pesos 7.04 billion.

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