The Philippine Amusement and Gaming Corp (PAGCOR) generated Php22.33 billion for the first nine months of 2020, a 60% decrease from the previous year
The Philippine gaming regulatory body PAGCOR has announced that it has generated approximately Php22.33 billion (US$461.1 million) from its gaming operations for the first nine months of 2020, which is a 60% decrease on the Php55.77 billion (US$1.09 billion) generated from the previous year.
According to PAGCOR’s latest net income data filed on Tuesday, profit for the period amounted to Php137.2 million (US$2.8 million) compared with Php4.97 billion (US$97.5 million) collected in 2019.
According to the data posted on Tuesday evening, the gaming regulator paid out a total of PHP11.72 billion in gaming taxes and contributions from January to September’s gaming revenue.
PAGCOR had also reported a net loss of nearly PHP1.60 billion for the first six months of 2020.
The sharp decline in PAGCOR’s gaming revenue is in congruence to the Covid-19 closures of casinos in the Philippines, with City of Dreams Manila, Okada Manila, Resorts World Manila and Solaire Resort and Casino, that had been shut during most of the second quarter of 2020.
Currently, a number of casinos are operating at a limited capacity in efforts to stem the further spread of the virus.
According to PAGCOR’s latest financial statement, it accrued nearly PHP3.76 billion from the country’s offshore gaming operations – notoriously known for POGOs – reporting a 6% decline compared to the previous year.
In late September, The Bureau of Internal Revenue revealed an exodus from the Philippine Offshore Gambling Operators (POGOs) in the country due to Covid-19, hence resulting in a decrease in tax revenues collected from the sector, which heavily impacts the Philippines economic recovery.
In line with this, POGOs is now facing more than a double tax hike after Philippine President Rodrigo Duterte passed legislation last month, and this has led to an influx of companies looking to move their operations to the Isle of Man.
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