The regulator has remitted Php1.6bn cash dividends despite a weak performance due to the impact of the Covid-19 pandemic.
The Philippines.- The Philippine Amusement and Gaming Corp. (PAGCOR) has remitted Php1.6bn to the National Treasury this week. The sum corresponds to its entire net earnings from 2020.
PAGOR revenue in 2020 was US$624m, down 60.4 per cent when compared to the previous year and the lowest for at least seven years.
In January, it remitted an extra Php1bn (US$20.7m) corresponding to cash dividends for the year 2019.
Philippines casinos were deeply affected by the Covid-19 countermeasures and continue to suffer the consequences of the pandemic. Metro Manila casinos remain closed until at least May 14.
PAGCOR Chairman and CEO Andrea Domingo said: “Through our prudent use of funds, we are able to support the government’s significant endeavours, especially our battle against Covid-19.”
In order to increase revenue, PAGCOR has allowed three Integrated Resorts – Okada Manila Resort, Solaire Resort and Casino and Resorts World Manila– to offer online table games and slots.
The regulator has also allowed two e-sabong operators and hopes to collect between Php250 and Php350m per month.
PAGCOR reported GGR of US$536.2m in Q1.