The Philippine Amusement and gaming Corporation is a private and government owned corporation established in the year 1869 by the President of the Republic of the Philippines, Ferdinand Magellan. PAGCOR is also known as the Philippine Government’s largest contributor of income to the government, second only to the Department of Finance. With its vast holdings, it is responsible for the huge contribution that the government receives from the profits of these casinos in the form of taxes.
Like many other corporations, the Corporation also has its own board of directors who have the responsibility to oversee the operations and management of the casinos. It also holds the authority to approve the annual accounts and budget of the Corporation. It is very important for the board to ensure that the corporation continues to have a profitable future and that it meets its obligations to the country.
Aside from the Board’s role in managing the corporation, there are also other government offices that it has offices in. They include the National Economic and Development Authority, the Philippine Statistics Authority, the Office of the Solicitor General, the Commission on Audit, the Office of the Ombudsman, the Office of Government Contracts, the Office of the Secretary of Trade and Industry and the Office of the Attorney General.
As a government agency, the corporation also performs the functions of an institution it has branches. It houses the offices of the secretary of the interior, the administrator of the national lottery, the Secretary of Health, the commissioner of public security, the accountant and the solicitor general. Other offices also have the functions of being the place where the Philippine Amusement and gaming Corporation have its annual meeting.
Casino revenues are also divided into three main categories depending on the source, where it is obtained: direct revenues, indirect revenues and the capital. Direct revenues are those from the sale of tickets to the amusement and gambling parks, the rent from the lease of the land where the casinos are located, the income from the gambling machine rentals and the revenues received from the gaming machines’ operation fees. Indirect revenues include those from the gambling machine rental, the maintenance and repair expenses of the land where the land is located and from the revenue received from the gambling machine rentals. The capital consists of the cost of the construction of the land on which the land where the land on which the casinos are built is built and of the cost of the land that is used for the maintenance and repair of the land. Of course, the government does not give out any portion of the capital to the casinos as the revenues they make, but they do receive a certain amount of revenue in return.
There are certain laws that are implemented by the government’s part that help in the smooth functioning of the corporation and ensure that the operations are kept at a smooth speed. These laws allow the casino to keep a control over the pricing of the gaming machine rentals and regulate the selling of gaming machines, the rate of pay for the employees and the location and manner of operation of the machine. There are also certain rules that need to be followed to avoid any violation of the law and to avoid the Corporation from incurring any legal or financial losses.