Pagcor lowers GGR forecasts
The gaming regulator from the Philippines reduced its estimations for the 2017 gross gaming revenue.
Philippines.- The Philippine Amusement and Gaming Corp has revealed that the estimations for the gross gaming revenue for 2017 has been reduced mainly because of the deadly attack on Resorts World Manila that happened in June.
Andrea Domingo, head of Pagcor, told the inquirer that the regulator expects to bring US$2.98 billion in 2017, down from the estimations revealed in March, which were calculated around US$3.1 billion, a 6 percent fall in revenues. Back in June, Domingo revealed that a revenue loss was expected following the incident at the Resorts World Manila that left 36 people dead on June 2 and forced the authorities to close the facility. The official said that the local government lost approximately US$1.1 million for every day that the gambling facility was closed.
Moreover, the gaming regulator reported net income of US$60 million for the first semester of the year, which ended on June 30. The number is 24.9 percent higher than the US$49 million registered in 2016. Gaming operations’ income was also up in the first six months of 2017, as they posted results of US$556 million, a 8.4 percent increase from a year earlier. During the second quarter of the year the number reached US$280 million, which equates a 1.4 percent improvement compared to the previous quarter.
