State gaming regulator Philippine Amusement and Gaming Corporation (PAGCOR) has allotted Php56.2 billion for nation-building initiatives in 2024, higher by Php8 billion compared with the current year as the agency expects to surpass pre-pandemic earning levels.
The 2024 amount includes Php12.1 billion for PAGCOR’s socio-civic projects that includes the construction of school buildings, e-learning centers and community wellness centers as well as its mandatory dividends to the national government.
“We are pleased to say that PAGCOR shall again contribute to nation-building in a major way next year with the gaming industry’s completely recovery and return to growth that was halted by the pandemic,” said PAGCOR Chairman and CEO Alejandro Tengco.
Mr. Tengco made the remarks after the PAGCOR board approved the agency’s 2024 revenue projections during its annual planning conference in Baguio City where the agency said it expects net operating income to hit Php61.5 billion in the coming year.
Should it realize its projections, the biggest slice of PAGCOR’s contributions for 2024 is the 50% government share from its operating income estimated at Php37.5 billion followed by the socio-civic component at Php12.12 billion.
Another major contribution to the national coffers is the 5% franchise tax amounting to Php3.95 billion and the share of the Philippine Sports Commission at Php1.87 billion. Cities that host casinos will get Php451 million while sports incentives and benefits will receive Php100 million.
Mr. Tengco said PAGCOR will launch new flagship socio-civic projects next January that will prioritize poor and remote communities in the Visayas and Mindanao where new school buildings, e-learning centers, community wellness centers and socio-civic centers will be built.
“Let us be inspired that we are truly part of nation-building,” Mr. Tengco told the planning conference attendees. “As government workers, we are duty-bound to serve our country but as Filipinos, we are foremost called to help lay the foundations of a better nation.”
India: Six People, Including Cops, Arrested After Ranchi Police Busts Illegal Gambling Den
Six people, including cops, were arrested after the Ranchi Police busted an illegal gambling group in the Gonda area of Jharkhand’s capital.
In recent news, six people, including cops were arrested after the Ranchi Police busted an illegal gambling den in the Gonda area of Jharkhand’s capital. Acting on the received information, a police team raided the spot. Reportedly, a sum of five lakh rupees was seized from the accused.
BJP State President Babulal Marandi raised his concern over the incident, emphasising on the involvement of police personnel stationed at CM Hemant Soren’s residence in the gambling operation. Marandi suggested that there might be pressure on the police, leading to potential manipulation of the case.
He even took to his official handle on X (formerly Twitter), to express his worries over the state’s leadership being involved in wrongdoings. He also questioned where the money earned from the gambling activities was going.
The station in-charge Ravi Thakur confirmed the arrests. A detailed investigation into the matter is underway. The illegal gambling activities were reportedly ongoing in the police like area for several days. Upon receiving the information about the illegal gambling den, Ranchi SSP formed the team who conducted the raid.
Genting Berhad Reports Group Revenue of $1.57 Billion for Q3 2023
Genting Berhad has posted its financial report for the third quarter of 2023, highlighting a 20.39% increase year-on-year in its group revenue to RM7.37bn ($1.57bn).
This improved performance in the group’s revenue was contributed mainly by the Leisure & Hospitality Division continuing to recover.
There was a significant increase in the group’s net profit from the previous year’s third quarter results, seeing them go up 177.16% to RM995m.
EBITDA also saw an increase, going up from RM2.06bn in the third quarter of 2022 to RM2.73bn in the third quarter of 2023, representing an increase of nearly 33%.
Resorts World Sentosa continued to benefit from the sustained recovery of travel and tourism within the region, seeing both revenue and EBITDA increase, while Resorts World Genting recorded higher revenue this quarter due to a higher volume of business registered by its gaming and non-gaming segments; owing to the relaxation of border control as compared to Q3 2022.
Genting mentions that its financial performance for the rest of the 2023 financial year may be impacted by a number of factors, including the continuation of domestic demand employment growth; and the regional gaming market is expected to continue its recovery as airline capacity and air connectivity in the region improves.
The report also mentions that Resorts World Sentosa has collaborated with a local charity organisation called Food from the Heart to fund, to enable the distribution of fresh, locally sourced produce to 2400 underprivileged families across the island over the next three years.
PAGCOR SCORES 99.46% IN GCG 2022 PERFORMANCE EVALUATION SYSTEM
The Philippine Amusement and Gaming Corporation (PAGCOR) recently received formal recognition from the Governance Commission for GOCCs or GCG for achieving a score of 99.46% in its annual Performance Evaluation System (PES) for 2022.
The score is one of the highest in the history of PAGCOR and was achieved on the first year under the leadership of Chairman and CEO Alejandro H. Tengco, who was appointed by President Ferdinand Marcos Jr. in August 2022.
PAGCOR’s score in the 2021 PES was 98.08%, while in 2020 it was 91.38%.
The award for 2022 was received by PAGCOR President and COO Atty. Juanito L. Sañosa during the inaugural GOCC Governance Awards Ceremony on November 20, 2023 at the PICC Complex in Pasay City.
Atty. Sañosa said the award elevated PAGCOR to the ranks of the best performing GOCCs in the country.
“This is truly another proud moment for PAGCOR. While this award serves as a validation of our efforts and hard work, it also inspires us to continuously exceed our past accomplishments – all in the service of our country,” he said.
The PES award is a recognition of the unwavering dedication to the highest standards of accountability and efficiency among government-owned and controlled corporations.
In the GCG report, PAGCOR garnered perfect scores in the following categories: Increased Contribution to National Government Coffers and Nation-Building Efforts; Increased Gross Gaming Revenue of the Industry; and Increased Revenue of PAGCOR; among others.
In his keynote speech during the awards ceremony, Executive Secretary Lucas P. Bersamin said GOOCs contributed Php48.68 billion in dividends in 2022, funding some of the most vital government socio-civic projects such as infrastructure, health, education, and others.
“It is beyond question that GOCCs are significant tools in adjuring inclusive economic growth and development for 2022. The Bureau of Treasury recorded Php48.68 billion dividends coming from different GOCCs that are covered under Republic Act 10149,” Bersamin noted.
In a statement, GCG Commissioner Atty. Brian Keith F. Hosaka encouraged all GOCCs to work closely together in making the GOCC sector a prime driver in delivering effective and efficient progress for Filipinos.
Aside from PAGCOR, twelve other GOCCs received awards for achieving the highest Corporate Governance Scorecard (CGS) ratings in 2022 while three bagged the CGS Hall of Fame.
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