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PAGCOR stays profitable but gaming income down in 2Q21

Ben Blaschke by Ben Blaschke
Thu 29 Jul 2021 at 18:08
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Philippines gaming regulator PAGCOR has reported a 19.9% year-on-year decline and 14.2% sequential quarterly decline in income from gaming operations to Php14.78 billion (US$293.7 million) in 2Q21, impacted by ongoing COVID-19 restrictions to casinos in the National Capital Region, including Manila.

PAGCOR’s results for the June quarter were just enough to sneak into profit with net income of Php79.1 million (US$1.6 million), down from Php152.6 million  (US$3.0 million) in Q1 but vastly improved from a loss of Php1.60 billion (US$31.8 million) in the June quarter of 2020 due to fewer expenses.

The Philippines gaming regulator ordered all casinos in Manila closed from 15 March 2020 and across the Philippines’ entire main island of Luzon from 16 March 2020 to halt an initial outbreak of COVID-19.

The nation’s quarantine measures were gradually eased from June onwards with Manila’s integrated resort operators granted permission to resume at 30% capacity in August. However, a much larger outbreak currently sweeping the Philippines saw strict Enhanced Community Quarantine measures implemented in the National Capital Region once again from 29 March 2021, with all casinos closed until 30 April.

The city’s integrated resorts were allowed to operate their gaming floors at 50% capacity from 1 May.

According to PAGCOR’s 2Q21 financial statements, the regulator paid Php7.76 billion (US$154.2 million) in gaming taxes and contributions as part of its mandated charter, which includes a 50% government share and 5% franchise tax.

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Ben Blaschke

Ben Blaschke

A former sports journalist in Sydney, Australia, Ben has been Managing Editor of Inside Asian Gaming since early 2016. He played a leading role in developing and launching IAG Breakfast Briefing in April 2017 and oversees as well as being a key contributor to all of IAG’s editorial pursuits.

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