The Philippines continues to be one of the world’s fastest growing gaming markets, with the state-owned Philippine Amusement and Gaming Corporation enjoying a 22 per cent increase in income in January.

PAGCOR’s gross income stood at P3.36bn last month, compared with income of P2.76bn in the corresponding month in 2011. This P600m boost was the result of its gaming operations’ “buoyant performance.”

“Our casinos, arcades and in-house bingo operations yielded a P505m or 27 per cent income growth compared to the same month last year,” said PAGCOR chairman and CEO Cristino Naguiat. “Our efforts to provide our patrons with better gaming and entertainment offerings are translating to higher revenues.

“We hope to continue this upward trend in the coming months as we continue to find ways to enhance the overall gaming experience of our customers.”

In addition to its own gaming operations, PAGCOR saw income from the operations of state-licensed casino, i-gaming, poker and commercial bingo improve nearly 12 per cent.

PAGCOR is now targeting total income of P45bn in 2012, having achieved P36.65bn in 2011.

“We are optimistic that we are going to hit this target given the optimism prevailing not only in the Philippine gaming market but in the Asian gaming industry as well.”

This week, Macau-based casino operator Melco Crown Entertainment has been linked once again to PAGCOR’s multi-billion dollar Entertainment City casino and entertainment project planned for Manila. 

Four licences have already been provisionally issued for the project, which wil see private involvement in gaming operations in the Philippines increase significantly.