The Philippine Amusement and Gaming Company’s (PAGCOR) web revenue down almost 87% to $3.9 million in 2021 as lockdowns continued to limit on line casino operations.
The Philippines on line casino trade was severely hit by the Covid-19 pandemic, with lockdowns and preventive measures nonetheless in place over the last 12 months. As compared, PAGCOR posted $30.3 million in 2020.
The company’s complete revenue web of gaming of taxes and contributions settled at $359.3 million final 12 months, down by 9.4% from $396.7 million in 2020. Furthermore, bills, which embrace contributions to the nationwide authorities, reached 349.7 million, down 4.48% from 2020.
PAGCOR Chairman Andrea Domingo mentioned that the numerous drop in web revenue was attributable to the Covid-19 pandemic, and the absence of non-gaming revenues. Furthermore, the closure of some Philippine Offshore Gaming Operators (Pogos) additionally contributed to the revenue decline.
“The Pogos missed their goal by virtually 20% for lack of manpower, a great quantity closed down and [were impacted by] the slowing down of the world economic system,” Domingo mentioned.
It’s estimated that about 32 out of the previous 60 Pogos within the Philippines have left the nation, most of them having already transferred to different jurisdictions.
The Chairman additional revealed that, as a result of drop in revenues, there will probably be fewer funds to contribute to authorities packages, together with Common Well being Care. As compared, 2020 proved to be a greater 12 months for the state-run company as PAGCOR was capable of accumulate financial savings from the primary three months of the 12 months, wherein casinos have been in full operation.
Together with outcomes for full-year 2021, the gaming regulator additionally reported revenue from gaming operations for This autumn 2021. For the three months to 31 December 2021, PAGCOR reported an revenue of $638.9 million, up 8.8% from the identical interval the prior 12 months, and up 46.5% from the prior quarter.