Business & Economy

Solaire to boost gaming earnings to $2.5-B in ‘13

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The Philippine Amusement and Gaming Corp. (PAGCOR) said the entire gaming industry will be able to generate gaming revenues of $2.5 billion this year boosted by the operations of  Solaire Resort & Casino beginning early this year.

This is about 25 percent higher than last year’s $2 billion.

“We will have higher revenues, but bulk of the increase will basically be coming from Solaire,” said Cristino Naguiat, Jr., chairman and chief executive officer of PAGCOR in  in a lunch briefing at the Hyatt Hotel Manila yesterday.

In peso terms, the industry’s projected gaming revenues for the year is around P105 billion.

Since its  opening at the Entertainment City last March 16,  Solaire has generated gaming revenues of P1.3 billion at the end  of May or in just two and a half months.

“Last year, we (the industry) made $2 billion in gaming revenues. This year, Solaire will bring the increase in revenues,” Naguiat said.

Naguiat said that the gross gaming revenues could hit $10 billion by 2017 or 2018, after all proponents are up.

Three other casinos are expected to be put up by tycoons Andrew Tan, Henry Sy, and Kazuo Okada.

Naguiat also said that PAGCOR will be able to hit its projected total gross revenues for the year of P42 billion.

The said target is more than a billion higher than the P40.88 billion generated in 2012.

“We will be hitting our targets,” Naguiat said.

Of the total expected revenues, P29.53 billion is seen to come from PAGCOR’s gaming operations.

PAGCOR is also expecting to earn from other gaming activities such as from commercial bingo, e-games or internet gaming, poker operations, and from licensed casinos.

To monitor its revenues, PAGCOR will start laying out the cabling system of its newly acquired software beginning next month, to be fully implemented by the first quarter of 2014. The software will be installed for all PAGCOR-owned casinos.

The system will track real-time the revenues from its gaming operations. (Malaya)

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