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PAGCOR falls to US$48 million loss in 2Q20 as Manila casinos remain closed

Philippine gaming regulator PAGCOR has fallen to a loss of Php1.60 billion (US$32.5 million) in the six months to 30 June 2020, hit hard by the temporary closure of all gaming operations on Luzon and continued closures in metro Manila.

While PAGCOR didn’t break down its 1H20 financials, released Wednesday, by quarter, it had previously reported a net income of Php 777.4 million (US$15.8 million) for the first three months of 2020, suggesting a loss of Php2.38 billion (US$48.4 million) during the second quarter.

PAGCOR reported income from gaming operations of Php18.44 billion in the first six months of this year, down 49.6% from Php36.57 billion (US$714.5 million) in the same period in 2019. Php17.22 billion (US$350.4 million) of that income was generated in 1Q20, meaning income from gaming operations totaled just Php1.22 billion (US$24.8 million) in 2Q20.

The regulator said its income from licensed casinos totaled Php6.80 billion (US$138.4 million) – none of which was generated in the second quarter, while income from POGO operations was Php2.92 billion (US$59.4 million) of which Php1.11 billion (US$22.6 million) was second quarter income.

Gaming operations across the Philippines were shut down on 15 March after President Rodrigo Duterte implemented community quarantine across the main island of Luzon. While some areas have since been allowed to reopen, including Clark Freeport Zone, the National Capital Region comprising metro Manila remains under strict General Community Quarantine with casinos and other gaming venues having now been closed for more than four months.

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