• About Us
  • The Team
  • Advertise with Us

The latest news on the gaming industry in Asia

() () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () ()
  • Home
  • Macau
  • Philippines
  • Singapore
  • Japan
  • Rest of Asia
  • World
  • Industry Talk
  • Trends & Tech
  • iGaming
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

Pagcor’s 1Q net income halved as gaming revenue falls

Apr 28, 2020 Newsdesk Latest News, Philippines, Top of the deck  


Pagcor’s 1Q net income halved as gaming revenue falls

State-run Philippine Amusement and Gaming Corp (Pagcor) reported net income of nearly PHP777.44 million (US$15.4 million) for the first three months of 2020, down 49.9 percent from the prior-year period. The body saw revenue from gaming operations decline slightly during the period, as casinos in the Philippines were temporarily suspended from mid-March onward as part of efforts to stem the further spread of the Covid-19 pandemic.

Total quarterly revenue from gaming operations decreased by 5.72 percent year-on-year to just above PHP17.22 billion, compared to approximately PHP18.27 billion in the first quarter of 2019.

The gaming regulator said it paid out a total of PHP9.04 billion in gaming taxes and contributions from that first-quarter gaming revenue. The deductions included nearly PHP8.17 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 slightly by 0.64 percent year-on-year to nearly PHP8.09 billion in the first three months of 2020, according to a financial statement posted on its website on Tuesday. The body reported increases in several subsidies to corporate social responsibility projects during the period.

Pagcor, an operator of publicly-owned casinos as well as the regulator for the country’s entire casino industry, which includes privately-developed venues, said regulatory fees collected from licensed casinos reached approximately PHP6.82 billion in the three months to March 31. Income collected from offshore gaming operators stood at nearly PHP1.81 billion in the reporting period, up from PHP1.34 billion a year earlier, according to Pagcor’s latest financial statement.

Casinos in the Philippine capital are to remain closed at least until May 15, after the government decided to extend the local quarantine to tackle the Covid-19 disease outbreak. The main island Luzon has been in anti-coronavirus lockdown since mid-March.

Pagcor has since March been making additional contributions to the government and to non-governmental organisations to help fight the pandemic in the country. The regulator estimated in late March that it was “losing” up to US$118 million per month due to the quarantine imposed by the country’s government to tackle the spread of the Covid-19 disease.

Bloomberry Resorts Corp, operator of the Solaire Resort and Casino at Entertainment City in Manila, said this week that the group might record a loss this year due to the suspension of casino operations in the country.


  • tweet
Related articles
  • Banyan Tree-brand hotel breaks ground at Hann Reserve
    Banyan Tree-brand hotel breaks ground...

    Dec 04, 2023  

  • Philippines committed to exit FATF grey list: AML Council
    Philippines committed to exit FATF grey...

    Dec 04, 2023  

More news
  • Star Sydney has 6mths to regain licence, risks closure: report
    Star Sydney has 6mths to regain...

    Dec 06, 2023  

  • Lessons from NSW cashless gaming trial: Aristocrat CEO
    Lessons from NSW cashless gaming trial:...

    Dec 06, 2023  


Latest News

Star Sydney has 6mths to regain licence, risks closure: report

Star Sydney has 6mths to regain licence, risks closure: report

Dec 06, 2023  

Australian casino operator The Star Entertainment Group Ltd has been given a “six-month deadline” to regain the licence for its flagship Sydney casino, or face the possibility...
Read More
Lessons from NSW cashless gaming trial: Aristocrat CEO

Lessons from NSW cashless gaming trial: Aristocrat CEO

Dec 06, 2023  

South Korea key source of Vietnam tourists Jan-Nov

South Korea key source of Vietnam tourists Jan-Nov

Dec 06, 2023  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Pick of the Day


US$250 million

Las Vegas Sands intends to pay to increase its shareholding in Macau casino operator Sands China by nearly 1.2 percent



Most Popular

  • Sands China ties to China’s Tencent Video, Maoyan EntSands China ties to China’s Tencent Video, Maoyan Ent December 4, 2023
  • Room for Macau casino industry top-line growth: CitiRoom for Macau casino industry top-line growth: Citi December 4, 2023
  • Macau 4Q mass GGR might rise 10pct q-o-q: JP MorganMacau 4Q mass GGR might rise 10pct q-o-q: JP Morgan December 5, 2023
  • Ben Toh COO of SJM Resorts, Christopher Ip CFO at parentBen Toh COO of SJM Resorts, Christopher Ip CFO at parent December 6, 2023
  • Soil remediation work starts at MGM Osaka siteSoil remediation work starts at MGM Osaka site December 5, 2023
Copyright 2014-2023 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us