The gaming income of the Philippines gaming operators gets down by 49 percent in the last quarter than a year earlier. However, compared to the previous quarter of 2020, the results were better slightly. Casinos in the country are still close due to the ongoing Covid-19 issue.
The Philippines seems not to be lucky enough to improve the Covid-19 fight, while there is a significant improvement in the other areas of the world. However, from the grasp of Coronavirus, yet the country has not made it accessible itself. As a result, the country’s government forced to issue new quarantine restrictions of Coronavirus at the end of last month. However, the casino operators in the Philippines get affected by these restrictions, including the casino operator PAGCOR and gaming operators.
As an effect of the ongoing issue, the income of the PAGCOR remained below even the acceptable level and was not able to provide any relief.
PAGCOR Reports Continuous Losses
PAGCOR just released its financial status for this year’s first quarter. It reported the gaming operations income drop in year-on-year by 49.1 per cent. For the first quarter of last year, the reported income of the organization was $339.8 million. But due to the ongoing Covid-19 issues, in the first three month of this year, it was forced to report $172.8 million.
Compared to the first-quarter profit in last year, the yield was low. It has fallen by 79.1 percent. Compared to the first-quarter profit of $15.3 million last year, the profit was $3.2 million. However, there is a significant reduction in performance showing in both 2020 and 2021. PAGCOR, in 2019, had reported a profit of %32 million. If any good news available there, that is result compared to 4Q20 is better in 1Q21. Especially when the gain of PAGCOR was $29.7 million, for all of 2020, the total profit of PAGCOR was $32.7 million. And a year earlier, there is an 83.8 per cent drop from the $201 million.
The Philippines have implemented quarantine for Covid-19 policies on March 20 last year.
On March 20 of last year, the policies of Covid-19 quarantine implemented by the Philippines. However, there seems no significant improvement in things. Even all the commercial activities, including the Casinos, was cut off due to the outbreaks and spikes of the casinos.
