Manila Bay loses millions in last five years
The casino from PAGCOR, Manila Bay, has reported €36.6 million in income loss in the last five years.
Philippines.- The Commission on Audit (COA) of the Philippines has revealed that the state-owned Manila Bay has lost €36.6 million of its income in the last five years. The Philippine Amusement and Gaming Corporation (PAGCOR) currently operates the facility.
The facility’s total earnings of €185.2 million in the last five years were overshadowed as dues exceeded its income, according to the COA 2018 annual audit report on regulator PAGCOR. Expenses reached €113.5 million, while dues in franchise taxes totalled €9.2 million, COA said.
“The aggregate net losses of €36.9 billion incurred by CF-Manila Bay cast doubt on its ability to continue as a going concern and the said condition was not in the Notes to Financial Statement as required,” state auditors said.
PAGCOR added that the losses incurred by Casino Filipino Manila Bay were due the disintegration of income, generating satellites from Casino Filipino-Pavilion, competition from integrated resorts (IRs) and a decrease in the number of gaming tables and slot machines.
PAGCOR asks POGOs to comply with regulations
Last month, PAGCOR warned Philippine Offshore Gaming Operators (POGO) to comply with current laws and regulations. The regulator also ordered POGOs to strictly pay proper taxes due to government.
The warning comes as the Philippine government intensifies its monitoring and enforcement measures. Jose Tria Jr., special assistant to the PAGCOR chairman, said: “Let this serve as a final warning for everyone to strictly comply with all the rules, regulations and directives of all other government agencies which may have jurisdiction over the other aspects of your operations.” PAGCOR continues with its attempts to enforce local regulations.
PAGCOR’s chairman explained that POGO operations include regulations and applications for the appropriate visas or permits for all their employees. These include payment of proper taxes and fees due to local agencies and they all should strictly adhere to.
