• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Thursday 28 August 2025
  • zh-hant 中文
  • ja 日本語
  • en English
IAG
Advertisement
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
  • 中文
  • 日本語
No Result
View All Result
IAG
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
  • 中文
  • 日本語
No Result
View All Result
IAG
No Result
View All Result

PAGCOR refutes COA findings on Manila bay Casino Filipino branch, says closure not an option

Newsdesk by Newsdesk
Tue 23 Jul 2019 at 19:09
Pagcor
27
SHARES
552
VIEWS
Print Friendly, PDF & Email

Philippines gaming regulator PAGCOR says it cannot close the Manila Bay branch of its Casino Filipino operations due to contractual obligations while rejecting claims by the Philippines’ Commission on Audit (COA) that the casino has lost Php2.11 billion over the past five years.

The strong reaction follows last week’s release by the COA of a report suggesting PAGCOR should consider closing the branch as a result of mounting losses, rising from Php352 million in 2014 to Php458 million in 2015, Php386 million in 2016, Php413 million in 2017 and a record Php502 million in 2018.

“The existence of adverse financial conditions for five consecutive years of the CF-Manila Bay casts doubt on its ability to operate as a going concern,” the COA said.

In a strongly worded statement sent to media on Tuesday afternoon, PAGCOR revealed it is unable to cease operations at Manila Bay due to an existing contract entered into by the previous PAGCOR management with Vanderwood Management Corporation, adding it would instead focus on strengthening the branch’s revenue generation capacity.

More importantly, PAGCOR rejected the COA’s calculations of its Manila Bay branch losses, claiming they include revenue deficits accrued by CF Pavilion, “a branch independent of Casino Filipino Manila Bay” which ceased operations in March 2018.

Instead, it said that Manila Bay had registered increasing GGR since it opened 23 months ago from a monthly average of Php4.22 million in 2017 to Php13.38 million in 2018, and had only registered negative figures after deducting mandated contributions and corporate social responsibility financial assistance.

“While it is true that the local gaming landscape is becoming increasingly competitive due to the opening of integrated resorts in Metro Manila, among other factors, we deem it necessary for COA to consider CF Manila Bay’s steady contributions to PAGCOR’s mandated beneficiaries as part of the branch’s profits and contributions to nation building and not as losses,” PAGCOR said.

RelatedPosts

Tecnet Asia aids Asian debut of APEX Gaming’s Clover Link at Solaire Resort Entertainment City

Tecnet Asia aids Asian debut of APEX Gaming’s Clover Link at Solaire Resort Entertainment City

Thu 28 Aug 2025 at 13:15
Winds of change

IAG announces program for 2025 IAG Academy Summit on 9 and 10 September at Manila Marriott, Newport World Resorts

Thu 28 Aug 2025 at 13:01
Asia market roundup

Asia market roundup

Thu 28 Aug 2025 at 12:26
IAG announces 100 official judges for 2025 IAG Academy IR Awards at Newport World Resorts on Tuesday 9 September

IAG announces 100 official judges for 2025 IAG Academy IR Awards at Newport World Resorts on Tuesday 9 September

Wed 27 Aug 2025 at 13:03
Load More
Tags: 1st Japan IR Expo 2019Casino FilipinoirPAGCORpagcor casinosPhilippines
Share14Share2
Newsdesk

Newsdesk

The IAG Newsdesk team comprises some of the most experienced journalists in the Asian gaming industry. Offering a broad range of expertise, their decades of combined know-how spans multiple countries across a variety of topics.

Current Issue

Editorial – Flipping the script

Editorial – Flipping the script

by Ben Blaschke
Thu 28 Aug 2025 at 12:30

This month represents an important milestone for Inside Asian Gaming as we launch IAG EXPO – an expansion of the...

Asia market roundup

Asia market roundup

by Ben Blaschke
Thu 28 Aug 2025 at 12:26

Inside Asian Gaming takes a deep dive into the state of Asia-Pacific’s key gaming markets: who’s hot, who’s not and...

Rewriting the rules

Rewriting the rules

by Newsdesk
Thu 28 Aug 2025 at 11:43

IAG EXPO, taking place at Newport World Resorts from 8 to 10 September, is not your usual trade show. IAG...

Test of character

Test of character

by Newsdesk
Thu 28 Aug 2025 at 11:28

Since its establishment in 1989, Gaming Laboratories International (GLI) has developed into the world’s most trusted name when it comes...

Evolution Asia
Your browser does not support HTML5 video.
Aristocrat
GLI
Nustar
SABA
Mindslot
Solaire
Hann
Tecnet
HKUST
NWR

Related Posts

Capital Punishment

SJM to relocate satellite casino gaming tables, slot machines to Macau’s famous Hotel Lisboa as part of US$68 million deal with parent company STDM

by Ben Blaschke
Thu 28 Aug 2025 at 17:35

Macau concessionaire SJM Resorts will pay HK$529 million (US$68 million) to its parent company Sociedade de Turismo e Diversões de Macau, S.A. (STDM) to acquire 7,504 square meters of floor space at Hotel Lisboa for the relocation of gaming tables...

Tecnet Asia aids Asian debut of APEX Gaming’s Clover Link at Solaire Resort Entertainment City

Tecnet Asia aids Asian debut of APEX Gaming’s Clover Link at Solaire Resort Entertainment City

by Newsdesk
Thu 28 Aug 2025 at 13:15

APEX Gaming’s Clover Link series has made its Asian debut following installation of Clover Link Extreme at Manila’s Solaire Resort Entertainment City. Tecnet Asia, the official distributor of APEX Gaming in the region, said Clover Link Extreme – renowned for...

Winds of change

IAG announces program for 2025 IAG Academy Summit on 9 and 10 September at Manila Marriott, Newport World Resorts

by Ben Blaschke
Thu 28 Aug 2025 at 13:01

Inside Asian Gaming is delighted to release the official program for the 2025 IAG Academy Summit, to be held at Manila Marriott Ballroom A, Newport World Resorts on Tuesday 9 and Wednesday 10 September. The two-day program will feature a combination of traditional panel...

Asia market roundup

Asia market roundup

by Ben Blaschke
Thu 28 Aug 2025 at 12:26

Inside Asian Gaming takes a deep dive into the state of Asia-Pacific’s key gaming markets: who’s hot, who’s not and where will the surprises come from in the near-term? The pandemic years are now a distant memory, and the Asia-Pacific...

Your browser does not support the video tag.


IAG

© 2005-2025
Inside Asian Gaming.
All rights reserved.

  • SUBSCRIBE FREE
  • NEWSFEED
  • MAG ARTICLES
  • VIDEO
  • OPINION
  • TAGS
  • REGIONAL
  • EVENTS
  • CONSULTING
  • CONTRIBUTORS
  • MAGAZINES
  • ABOUT
  • CONTACT
  • ADVERTISE
  • 中文
  • 日本語

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • 中文
  • 日本語
  • Subscribe
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
  • Events
  • Contributors
  • Magazines
  • Advertise
  • Contact
  • About
  • Home for G2E Asia

© 2005-2025
Inside Asian Gaming.
All rights reserved.

  • 中文
  • English
  • 日本語