PAGCOR stays profitable but gaming income down in 2Q21

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Philippines gaming regulator PAGCOR has reported a 19.9% year-on-year decline and 14.2% sequential quarterly decline in income from gaming operations to Php14.78 billion (US$293.7 million) in 2Q21, impacted by ongoing COVID-19 restrictions to casinos in the National Capital Region, including Manila.

PAGCORs results for the June quarter were just enough to sneak into profit with net income of Php79.1 million (US$1.6 million), down from Php152.6 million (US$3.0 million) in Q1 but vastly improved from a loss of Php1.60 billion (US$31.8 million) in the June quarter of 2020 due to fewer expenses.

The Philippines gaming regulator ordered all casinos in Manila closed from 15 March 2020 and across the Philippines entire main island of Luzon from 16 March 2020 to halt an initial outbreak of COVID-19.

The nations quarantine measures were gradually eased from June onwards with Manilas integrated resort operators granted permission to resume at 30% capacity in August. However, a much larger outbreak currently sweeping the Philippines saw strictEnhanced Community Quarantine measures implemented in the National Capital Regiononce again from 29 March 2021, with all casinos closed until 30 April.

The citys integrated resorts were allowed to operate their gaming floors at 50% capacity from 1 May.

According to PAGCORs 2Q21 financial statements, the regulator paid Php7.76 billion (US$154.2 million) in gaming taxes and contributions as part of its mandated charter, which includes a 50% government share and 5% franchise tax.