PAGCOR reports US$32.5m loss in first half

The vast majority of income from gaming came from Q1.
The vast majority of income from gaming came from Q1.

The operator and regulator looks to have lost US$48m in the second quarter of the year as most of Manila’s casinos remain closed due to Covid-19 measures.

Philippines.- With the main casinos at Metro Manila still under General Community Quarantine, the Philippine Amusement and Gaming Corporation (PAGCOR) has posted a loss of US$32.5 million for the first six months of the year.

PAGCOR didn’t break down the results into quarters, but given that it posted a profit of Php777.4 million (US$15.8 million) in Q1, it seems it lost Php2.38 billion (US$48.4 million) in the second quarter.

Income from gaming operations was down 49.6 per cent in the first half of the year to Php18.44 billion (US$376 million), but Php17.22 billion (US$350.4 million) of that was from Q1.

This would mean gaming revenues in the last quarter amounted to only Php1.22 billion (US$24.8 million).

Its own licenced casinos accounted for Php6.80 billion (US$138.4 million), all from the first quarter as they remain closed since March 15.

Income from Philippine offshore gaming operators was Php2.92 billion (US$59.4 million) of which Php1.11 billion (US$22.6 million) was second quarter income.

The grave danger for local casinos now, including PAGCOR’s, is that Manila could go back into a stricter quarantine phase if Covid-19 cases continue to rise.

The current phase is set to last at least until July 31.

In this article:
Financial Results PAGCOR philippines