PAGCOR income from gaming down 60%

The Philippines casino regulator has reported a 60 per cent fall in income from gaming operations in the first nine months of 2020.

The Philippines.- The Philippine Amusement and Gaming Corp (Pagcor) has published its latest financial report showing that its income from gaming operations in the Philippines has fallen by 60 per cent compared to the same period last year.

Income from gaming operations fell to PHP22.33 billion (US$461.7 million). Net income of nearly PHP132.7 million for the period compared with PHP4.97 billion in the same period in 2019.

Figures show its revenue was clearly impacted by pandemic countermeasures. Many casinos in the Philippines were closed during most of the second quarter of the year, including the large-scale private sector sites City of Dreams Manila, Okada Manila, Resorts World Manila and Solaire Resort and Casino.

The report reveals that income collected from offshore gaming operators (POGOs) stood at PHP3.76 billion in the reporting period, a decline of 60 per cent year-on-year.

Pagcor’s total expenses fell by 34.7 per cent year-on-year to PHP15.91 billion in the first nine months of 2020.