Asia

PAGCOR Profits Fall 50% During Q1 2020

Published

5 years ago

April 29, 2020

Niji Narayan

Reading Time: < 1 minute

The Philippine Amusement and Gaming Corporation (PAGCOR) has reported a 5.7% decrease in income from gaming operations to Php17.22 billion for the three months to 31 March 2020.

The results were impacted by the closure of its casinos to stop the spread of COVID-19. Last week, President Rodrigo Duterte announced the extension of enhanced community quarantine measures until at least May 15.

According to PAGCOR’s statement of comprehensive income for Q1 2020, profit for the period fell by 49.9% to Php777.4 million, well below its pre-2020 target of Php1.42 billion for the quarter.

PAGCOR paid a total of Php9.04 billion in gaming taxes and contributions as part of its mandated charter, which includes a 50% government share and 5% franchise tax, and almost Php4.4 billion in CSR contributions.

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Niji Narayan

Niji Narayan has been in the writing industry for well over a decade or so. He prides himself as one of the few survivors left in the world who have actually mastered the impossible art of copy editing. Niji graduated in Physics and obtained his Master’s degree in Communication and Journalism. He has always interested in sports writing and travel writing. He has written for numerous websites and his in-depth analytical articles top sports magazines like Cricket Today and Sports Today. He reports gaming industry headlines from all around the globe.