PAGCOR Income Decreases 60% In First Nine Months Of 2020

PACGOR income decreases 60% in first nine months of 2020. For the first nine months of 2020, Philippine gaming regulator PAGCOR reported revenue from gaming operations of Php22.33 billion ( US$ 461.1 million). This is a 60% decrease from the Php55.77 billion recorded over the same period last year (US$ 1.09 billion).

PAGCOR’s latest income statement, published on its website late Tuesday states that profit for the period amounted to Php137.2 million (US$2.8 million), well down on the Php4.97 billion (US$97.5 million) accrued in 2019.

However, it demonstrates considerable improvement over PAGCOR’S half-year results that reported a loss of Php1.60 billion (US$32.5 million) compared to a loss of Php2.38 billion (US$48.4 million) in the second quarter. PAGCOR reported a profit of about Php1.71 billion ( US$ 35.3 million) in 3Q20 based on those estimates.

The regulator was greatly impacted by COVID-19, which in mid-March saw casinos shut down across the main island of Luzon in the Philippines. Entertainment City IR operators in Manila were only given permission in late August to reopen at a maximum capacity of 30 percent.

For the first nine months of 2020, income from licensed casinos not operated by PAGCOR amounted Php8.44 billion (US$174.5 million) while POGOs contributed Php3.76 billion (US$77.7 million). However, income from junket gaming operations was only Php326.1 million (US$6.7 million).

[image: Benjamin Lambert]

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