Casino regulator-cum-operator the Philippine Amusement and Gaming Corp (Pagcor) reported income from gaming operations of approximately PHP22.33 billion (US$461.7 million) in the first nine months of 2020, down 60.0 percent from a year earlier.
The body posted net income of nearly PHP132.7 million for the period, compared with PHP4.97 billion a year earlier, according to data it filed on Tuesday.
State-run Pagcor had reported a net loss of nearly PHP1.60 billion for the first six months of 2020.
The body saw its revenue from gaming operations decline sharply during the first nine months of 2020, as many casinos in the Philippines had been closed during most of the second quarter, including the large-scale private sector sites of City of Dreams Manila, Okada Manila, Resorts World Manila and Solaire Resort and Casino.
A number of the country’s casinos are now operating at a limited capacity as part of efforts to stem the further spread of the Covid-19 pandemic in the country.
Pagcor said regulatory fees collected from licensed casinos – included in its gaming operations revenue – reached approximately PHP8.44 billion in the nine months to September 30, down 60.0 percent from the prior-year period.
Income collected from offshore gaming operators – also known as POGOs – stood at nearly PHP3.76 billion in the reporting period, a decline of 6.0 percent from a year earlier, according to Pagcor’s latest financial statement.
In Tuesday’s data, the gaming regulator said it paid out a total of PHP11.72 billion in gaming taxes and contributions from the gaming revenue achieved in the January to September period.
The deductions included nearly PHP10.56 billion directly transferred to the Bureau of the Treasury. Pagcor is required by law to pass at least 50 percent of its annual gross earnings to that national government body.
Pagcor’s total expenses fell by 34.7 percent year-on-year to nearly PHP15.91 billion in the first nine months of 2020, according to the financial statement posted on its website.
Mar 05, 2021Despite United States-based casino group Las Vegas Sands Corp (LVS) being in line to generate US$6.25 billion from the sale of its Las Vegas, Nevada assets, Fitch Ratings Inc said in a Thursday memo...
Mar 05, 2021
Mar 05, 2021
“Prolonged closure of operations could derail earnings recovery and weigh on NagaCorp’s credit quality"
Junling Tan, Yu Sheng Tay and Vikas Halan
Analysts at credit rating agency Moody’s Investors Service