The Philippine Amusement and Gaming Corporation (PAGCor) has reportedly announced that its aggregated gross gaming revenues for the first nine months of the year dropped by 60% on a comparative basis to around $1.15 billion.
According to a report from Inside Asian Gaming, the state-owned regulator and operator is responsible for some 19,900 slots alongside over 2,000 gaming tables offered via its six Casino Filipino-branded venues in addition to a chain of about 30 satellite properties spread across the Philippines. The source explained that the firm blamed the recent decline on a lengthy coronavirus-related closure of its gaming facilities that has only recently begun being lifted.
Constant contraction:
PAGCor reportedly moreover detailed that its overall earnings for the nine months since the start of January tumbled by over 97% year-on-year to just shy of $2.83 million after it had earlier chalked up a first-half net deficit of approximately $32.5 million. However, these figures purportedly suggest that the operator managed to accumulate a third-quarter profit in the region of $35.27 million, which would represent a decline of 66% when compared with the same three-month period in 2019.
Pandemic problems:
Also tasked with regulating iGaming in the Philippines, PAGCor has reportedly been seriously impacted by the coronavirus pandemic as the government began temporarily closing its venues across the nation from mid-March. Although numerous regions have since permitted such gambling-friendly properties to re-open, the giant conurbation of Manila was the last to relent and is still purportedly maintaining an associated 30% maximum capacity limitation.
Associated additions:
Finally, the nine-month results from the government-run entity reportedly furthermore showed that it earned approximately $174.11 million in tax from non-PAGCor casinos with a further $6.72 million and $77.56 million coming from junket operations and its issuance of Philippine Offshore Gaming Operator (POGO) licenses respectively.