A Philippine public spending watchdog has urged the country’s casino regulator-cum-operator to close down one of the public-sector casinos due to an accumulated PHP2.1 billion (US$41.4 million) net loss over five years up to the end of 2018.
A report by the Commission on Audit into the Philippine Amusement and Gaming Corp (Pagcor) said that the deficit had been developed by Casino Filipino Manila Bay, and the risk of the property being able to continue as a going concern had not been flagged in Pagcor’s own accounts.
The Commission stated: “Aggregate net losses of PHP2.113 billion incurred by Casino Filipino Manila Bay for five consecutive years cast doubt on its ability to continue as a going concern and the said condition was not disclosed in the notes to financial statement as required.”
Casino Filipino Manila Bay had made consecutive losses from 2014 to 2018, the Commission stated.
The spending watchdog told Pagcor it should “devise realistic development plans and strategies to generate sufficient funds” or consider closure of the property in order to “avert continuous losses.”
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“Amendment to the gaming law is still a work in progress ... We need to wait for further details, in terms of the finer form that the amendments will take, and there will be additional regulatory measures that will be potentially issued thereafter”
Chief operating officer of Sands China