PAGCOR reports 60% income decline for January-September
Gaming regulator the Philippine Amusement and Gaming Corp (PAGCOR) has reported gaming operation income of PHP22.3bn ($461.7m) from January-September 2020. It’s a 60% drop from PHP55.8bn reported for the same period last year. Net income was PHP132.7m, a massive drop from PHP4.9bn in 2019.
The income from licensed casinos for the period was PHP8.4bn, also a 60% drop compared to the same period in 2019. Income from offshore gaming operators declined by 6% to PHP3.8bn. Junket gaming operations recorded an income of PHP326.1m. Gaming taxes for the nine months reached PHP11.7bn. Total expenses for PAGCOR was PHP15.9bn, with total equity at PHP26.3bn.
Many casinos in the Philippines are operating at limited capacity due to COVID-19, such as Manila city operators who have been permitted to open at 30% capacity. Previously, the regulator reported a PHP1.60bn loss for H1, mainly because most of the casinos in the country were closed.
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