The Philippine Amusement and Gaming Corporation (PAGCOR) released its financial performance during the first quarter of 2015, posting a net income of PHP937.6m compared to PHP920m it posted over a year ago.

However, overall revenue decreased to PHP10.18b compared to PHP10.36b it reported Q1 2014. The decline was mainly attributed to the intense competition in the country’s casino industry, as two large integrated resorts—Solaire Resort & Casino and City of Dreams Manila— in Entertainment City are now accepting visitors from the Asia-Pacific region as well as from the rest of the world.

In addition, two more integrated resorts are expected open at the entertainment complex in the years to come—Manila Bay Resorts is to be completed in 2015 and Resorts World Bayshore in 2018.

Gaming revenue increased 47% to PHP8.38b compared to PHP5.7b it posted a year ago.