PAGCor suffers first-half deficit of $32.5 million due to corona virus-related closures
Reeling under the brunt of corona virus-related lengthy closure of its gaming facilities, the Philippine Amusement & Gaming Corporation (PAGCor) has reported a net deficit of nearly $32.5 million for the first half of this year.
The deadly corona virus pandemic, which allegedly was instigated in a Chinese lab, swiftly spread to almost all parts of the world, infecting several millions of people and claiming more than half a million lives. Lack of vaccine to control the deadly infection prompted authorities to issue closure orders for all non-essential businesses, including gaming facilities. PAGCor, the state-owned operator, was also hit hard by the lengthy closure of its gaming venues.
According to available stats, PAGCor operates half a dozen Casino Filipino-branded gaming and entertainment properties as well as a chain of nearly three dozen satellite gaming properties spread across the Asian nation. The gaming properties offer as many as 19,900 slot machines alongside more than 2,000 gaming tables.
Due to the lengthy closures of gaming facilities, it was but natural for operators to report losses. Thus, when the PAGCor reported net loss of $32.5 million for the January to June period of this year, no one got surprised. For the first three months of this year (January to march period), the state-owned operator had reported a net profit $15.8 million. It means that the actual shortfall for the three months through June 30 is of around $48.4 million. The corporation also logged six-month casino income of just $138.4 million alongside earnings from the issuance of the so-called POGO (Philippine Offshore Gaming Operator) licenses of $59.4 million. Nearly $22.6 million of that amount came during the April to June quarter.
Net gaming revenue for the January to June period of 2020 was reported at slightly more than $375.9 million, which represents a decline of 49.6 per from $714.5 million in the corresponding period in 2019.
On 15th of March, the government of the Philippines put Manila under a partial corona virus-induced quarantine order that forced operators of all sports betting, bingo, electronic gaming and poker venues as well as the capital city’s four massive integrated casino resorts to temporarily suspend all operations. The closures were subsequently enforced throughout the nation. Gaming properties in some remote regions of the nation, such as the Clark Freeport Zone, have since been allowed to partially resume operations.
- Leading investment bank ‘unsure’ about upcoming Resorts World Las Vegas Casino’s success
- California Supreme Court ruling paves way for tribal casino near Madera
- Drew Las Vegas Casino arsonist sentenced to five years in federal prison
- Months-long Casino closures could impact New York State’s schools, cities with budget crisis
- More Younger People visiting Atlantic City Casinos during Covid-19 pandemic