PAGCOR profits drop 50% in Q1

Profit for the period fell by 49.9 per cent to Php777.4million (US$15.3million).

Philippines.- PAGCOR has announced close to a 50 per cent drop in profits for the first quarter of 2020 due to the impact of the Covid-19 pandemic.

According to PAGCOR’s statement of comprehensive income for 1Q20, profit for the period fell by 49.9 per cent to Php777.4million (US$15.3million).

The figure is significantly lower than its pre-2020 target of Php1.42billion (US$28million) for the first three months of the year

Casinos across Manila have been closed since March 15, while the remaining venues across the Philippines have been shut from the 16.

Philippines President Rodrigo Duterte extended lockdown measures in certain parts of the country for an additional two weeks on top of the previous dates, with the new quarantine deadline set to May 15.

Philippine Offshore Gaming Operators (POGOs) will also remain suspended during the period.