PAGCor records first-half deficit owing to coronavirus-related closures

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

According to a report from Inside Asian Gaming, the state-owned regulator and operator is responsible for around 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.

Lockdown lethargy:

Manila was put under a partial coronavirus-induced quarantine order on March 15 that had involved the temporary closure of all local sportsbetting, electronic gaming, bingo and poker establishments as well as the conurbation’s four large integrated casino resorts. The source detailed that this shuttering was subsequently rolled out nationwide although venues in some more remote areas such as the Clark Freeport Zone have since been permitted to partially re-open.

Immediate impact:

The first-half loss recorded by PAGCor reportedly came after the operator had chalked up a first-quarter net profit in the region of $15.8 million, which suggests an actual shortfall of about $48.4 million for the three months to the end of June. It purportedly also logged six-month casino income of only $138.4 million alongside earnings from the issuance of Philippine Offshore Gaming Operator (POGO) licenses of $59.4 million, of which $22.6 million is said to have come during the second quarter.

Quarterly quandary:

Finally, it was reported that PAGCor moreover detailed aggregated net gaming revenues of slightly above $375.9 million for the six months to June 30, which was some 49.6% lower than the $714.5 million chronicled for the same period in 2019. To make matters worse and the operator purportedly revealed that roughly $350.4 million of this amount had been generated during the first quarter to leave only $25.5 million from the ensuing three-month period.