PAGCOR gaming revenue down 20% in first half
PAGCOR has reported that income from gaming operations for the first six months of the year was down 20 per cent due to the Covid-19 pandemic and related countermeasures.
The Philippines.- The Philippines Amusement and Gaming Corp (PAGCOR) has revealed that gaming income for the first half fell by 20 per cent year-on-year to PHP14.7bn (US$293.1m).
During the first six months, the regulator made a profit of PHP79m.
PAGCOR previously reported that gaming revenue fell by 51.4 per cent year-on-year to PHP8.36bn (US$172.8m) in the first quarter of 2021, compared to nearly PHP17.22bn (US$339.8m) in the first quarter of 2020.
Net income reached PHP152.6m (US$3.2m), down 80 per cent from Php777.4m (US$15.3m).
PAGCOR against giving POGOs tax advantages
According to Andrea Domingo, PAGCOR chairman, some groups want to provide advantages to Philippine Offshore Gaming Operators (POGO) through a proposed new bill.
Domingo stated: “Special means special. In government there shall be no such thing, all policies, regulations, laws should be uniformly applied.”
If the law is finally approved, POGOs must pay a 5 per cent tax on their gross gaming revenue. The bill would also make foreigners employed in online casinos and their service providers pay 25 per cent income tax.
Manila to continue under restrictions until August 15
As the delta variant of Covid-19 spreads in The Philippines, Manila’s city government has decided to extend the current general community quarantine (GCQ) until August 15.
Countermeasures were supposed to end on July 31, but authorities called an emergency meeting to discuss mitigation strategies against the spread of the variant, coordinating with hospitals and the city’s Health Department.
Only those between 18-65 years of age are allowed to leave their place of residence and only selected businesses are permitted to open.
Although Manila is under GCQ with heightened restrictions, casinos were allowed to resume operating at a reduced capacity in May. However, Okada Manila’s casino is currently closed.
As for City of Dreams Manila and Solaire’s casino, the first is open by invitation only while the second is open to members only.
