The Philippine Amusement and Gaming Corporation (PAGCOR) reported income from gaming operations of PHP67.85 billion ($1.30 billion), and a net income of PHP31.49 billion ($604.41 million) for 2018.

Compared to the agency’s 2017 audited figures, the latest results represent a significant increase, with net income rising 536.6% from P4.95 billion ($94.93 million) the year before, in part due to reduced expenses.

Whereas total expenses in 2017 amounted to PHP55.21 billion ($1.06 billion), 2018 expenses fell 33.2% to PHP36.86 billion ($707.58 million).

The state regulator also benefited from the PHP37.3-billion ($710.8-million) sale of two parcels of land to Solaire Resort & Casino’s operator Bloomberry Resorts Corporation, finalized in June last year.