PAGCOR falls to US$48 million loss in 2Q20 as Manila casinos remain closed
Philippine Amusement and Gaming Corp (PAGCOR) reported a net of nearly US$32.5 million loss for the first six months of 2020 as gaming revenues were just about 50% of last year’s figures and costs were still similarly high to last year.
Most casinos in the Philippines have been closed since mid-March in an effort to stem the further spread of the COVID-19 pandemic in the country.
For Q1 of 2020 PAGCOR posted a profit of US$15.8 million but for Q2 the costs were far higher than any revenues and although they didn’t publish a breakdown it seems that the government body lost US$48.4 million loss in the second quarter.
PAGCOR’s own land-based licenced casinos which were open in Q1 accounted for revenues of US$138.4 million but from 15 March no revenues were reported. Income from Philippine offshore gaming operators was US$59.4 million of which US$22.6 million was reported in the second quarter. The 22 million from online operators were much needed revenues during times where no income was coming in from land-based casinos.
Online operators were also shut down during the Enhanced Community Quarantine but POGO operations were allowed to resume early May upon compliance to a strict set of guidelines by PAGCOR prior to reopening.
By the end of this year Pagcor hopes to collect at least PHP 2.5 billion from Pogos until the end of the year.