Philippines gaming regulator PAGCOR has reported revenue from gaming operations of Php22.33 billion (US$461.1 million) for the first nine months of 2020, down 60.0% on the Php55.77 billion (US$1.09 billion) recorded over the same period last year.
According to PAGCOR’s latest income statement, published on its website late Tuesday, 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 represents considerable improvement over PAGCOR’S half-year results when it reported a loss of Php1.60 billion (US$32.5 million) on a Php2.38 billion (US$48.4 million) loss during the second quarter. Based on those numbers, PAGCOR recorded a profit of around Php1.71 billion (US$35.3 million) in 3Q20.
The regulator has been heavily impacted by COVID-19, which saw casinos across the Philippines’ main island of Luzon shuttered in mid-March. Manila’s Entertainment City IR operators were only granted permission to reopen at a maximum 30% capacity in late August.
For the first nine months of 2020, income from licensed casinos – those not operated by PAGCOR – totaled Php8.44 billion (US$174.5 million) while POGOs contributed Php3.76 billion (US$77.7 million). However, income from junket gaming operations was just Php326.1 million (US$6.7 million).
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