PAGCor Reports Deficits Due To Pandemic Closures

The Philippine Amusement and Gaming Corporation (PAGCor) officially posted a net deficit of about $32.5 million in the first half due largely to the nation’s coronavirus-related closure of its gaming facilities.

According to a report from Inside Asian Gaming, in addition to a chain of around 30 satellite properties spread throughout the Philippines, the state-owned regulator and operator is responsible for some 19,900 slots alongside over 2,000 gaming tables offered across its six Casino Filipino-branded locations.

On March 15, Manila was put under a partial quarantine order caused by coronavirus that included the temporary closure of all local sports betting, online gaming, bingo and poker establishments, as well as the four major integrated casino resorts of the conurbation. The source detailed that this shuttering was eventually carried out nationally though venues in some more remote areas such as the Clark Freeport Zone have since been allowed to partially re-open.

The first-half loss posted by PAGCor reportedly came after the operator had chalked up a $15.8 million first-quarter net profit in the area, indicating an overall deficit of approximately $48.4 million for the three months to end of June. It also reportedly reported a six-month casino profit of only $138.4 million alongside earnings from the issuance of $59.4 million Philippine Offshore Gaming Operator (POGO) licences, of which $22.6 million is said to have come in the second trimester.

Finally, it was announced that PAGCor further listed aggregated net gaming revenues of slightly above $375.9 million for the six months up to June 30, which was some 49.6 percent lower than the $714.5 million chronicled in 2019 for the same time span. To make matters worse, the operator allegedly disclosed that approximately $350.4 million of this amount had been produced in the first quarter to leave just $25.5 million from the three-month period that followed.