PAGCOR reports US$32.5m loss in first half

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.