Pagcor posts net income down 87% to $3.9M in 2021 amid pandemic restrictions, POGOs closures

February 2, 2022 Philippines Earnings & Filings

PAGCOR -the state-run Philippine Amusement and Gaming Corporation- has posted net income down nearly 87% to P203.6 million ($3.9 million) in 2021, according to new figures released by the regulator.

The Philippines casino industry was severely hit by the Covid-19 pandemic, with lockdowns and preventive measures still in place during the last year. In comparison, Pagcor posted P1.55 billion ($30.3 million) in 2020.

The corporation’s total income net of gaming of taxes and contributions settled at P18.35 billion ($359.3 million) last year, down by 9.4% from P20.26 billion ($396.7 million) in 2020, according to Business Mirror. Moreover, expenses, which include contributions to the national government, reached P17.86 billion (349.7 million), down 4.48% from 2020.

Andrea Domingo, PAGCOR Chairman, told the cited news source that the significant drop in net income was attributable to the Covid-19 pandemic, and the absence of non-gaming revenues. Moreover, the closure of some Philippine Offshore Gaming Operators (Pogos) also contributed to the income decline.