SiGMA

PACGOR revenue down by 51.4% year-on-year in 21Q1

Posted:: Apr 28, 2021 12:28 Category: Regulatory , Asia , Casino , Posted by
sw

With most casinos in the Philippines closed or operating with limitations, revenue from gaming operations declined sharply during the first three months of 2021

Philippine online gaming Regulator PAGCOR published 1Q net income for the first three months of 2021. The reported net income was that of PHP152.6 million (US$3.2 million). Comparing this income with the PHP777.4 million in the prior-year period, PAGCOR saw a sharp decline in revenue.

PAGCOR-ChipThis decrease is attributed to the measures taken in the Philippines to help curb the spread of COVID such as closure of casinos and later on operations with limited capacity.

According to a financial statement posted on the regulator’s website on Tuesday, PACGOR’s expenses for the first three months totalled to PHP4.39 billion.

Up to March 31, regulatory fees collected from licensed casinos reached approximately PHP3.73 billion, this marked a decrease from the earlier year where the fees collected were reported to be PHP6.82 billion.

The COVID-19 pandemic has forced casino operations in the Metro Manila area, including at the large-scale private sector sites to remain closed and have done so since late-March. These include some of the biggest names such as Dreams Manila, Okada Manila, Resorts World Manila, and Solaire Resort and Casino.

Want to know more about regulatory topics, such as PIGOS, trends and predictions for gaming in Asia, and market recovery following the pandemic? Join us for the SiGMA Virtual Roadshow taking place next month.

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