PAGCOR gaming revenue down 51.4% in first quarter
Pagcor has reported that gaming revenue for the first three months of the year fell to PHP8.36bn due to the Covid-19 pandemic and related countermeasures.
The Philippines.- The Philippine Amusement and Gaming Corp (PAGCOR) has 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).
The gaming regulator has been severely affected by the Covid-19 pandemic and ongoing countermeasures.
According to its latest financial statement, total expenses were down 45.8 per cent year-on-year to nearly PHP4.38bn, while licensed casinos regulatory fees reached approximately PHP3.73bn in the first quarter of 2021, down from PHP6.82bn a year earlier.
Three of the main Phillippine casinos have closed their doors and announced they will not reopen at least until April 30.
Half of POGOs closed permanently due to the Covid-19 pandemic
PAGCOR chairman Andrea Domingo blamed the Covid-19 pandemic for the closure of about half of the Philippines POGOs, which affected nearly 300,000 foreign workers.
Domingo said many workers left the country for Chinese New Year in 2020 and were not able to return because of Covid-19 countermeasures, and that there aren’t enough locals to do their jobs.
PAGCOR has asked authorities for permission to let land-based casinos reopen at about half of their capacity to recover from a weak performance in gaming revenue.
