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.”
Aug 19, 2019Privately-held casino junket brand Suncity Group said in an email to GGRAsia that the group “still maintain a very close relationship with Crown and The Star” despite Suncity Group’s...
Aug 19, 2019
"The Hong Kong protests may hurt Macau gross gaming revenue by about mid-single-digit (i.e., half of maximum visitation exposure), which should fade away gradually as people will find alternative ways to visit Macau”
DS Kim, Jeremy An and Christine Wang
Analysts at brokerage JP Morgan Securities (Asia Pacific) Ltd