Pagcor cuts 2017 GGR estimates

The Philippine Amusement and Gaming Corp. has cut its forecasts for 2017 gross gambling revenue, in part because of the June attack on Resorts World Manila.

Pagcor Chair Andrea Domingo told the Inquirer newspaper that the regulator expects to bring in about PHP150 billion ($2.98 billion) this year, down from her March forecast of about PHP160 billion.

This would represent a 6-percent reduction in Pagcor’s revenues if the numbers unfold according to her expectations.

RWM’s casino operations were suspended for almost a month following the attack in which a lone gunman burst into the casino and set fire to tables. A total of 38 people, including the gunman, were killed, mostly as a result of smoke inhalation.

According to the report, the complex lost about PHP60 million a day during the closure.

As well as the RWM incident, several casinos remain closed, including the Casa Blanca, Fontana and Fort Ilocandia, which is also expected to affect revenue.

At the forecasted P150-billion GGR level, Pagcor would be recording a flat growth from the 2016 level of P149 billion.

More news from this jurisdiction

PhilippinesMonday, Aug 21, 2017

A Chinese casino financier has been arrested for illegally detaining a Korean national who failed to settle his debt, local media reports.

PhilippinesSunday, Aug 20, 2017

Philippines-listed PhilWeb Corp. will be able to operate again after receiving the green light from the Philippine Amusement and Gaming Corp. (Pagcor) to become a service provider, Philstar reports.

PhilippinesThursday, Aug 17, 2017

The opening of Okada Manila hasn’t cannibalized the gaming revenues of Manila’s integrated resorts, with GGR rising 20 percent, 28 percent and 13 percent quarter-on-quarter in 17Q2, according to a note from Morgan Stanley on Thursday.

PhilippinesWednesday, Aug 16, 2017

The Makati Regional Trial Court has issued a writ of preliminary injunction against the Philippine Charity Sweepstakes Office (PCSO) for allegedly violating Berjaya Philippines Inc’s exclusive right to supply and lease lottery equipment in the Luzon territory.

PhilippinesThursday, Aug 10, 2017

The Philippines has avoided further scorn from the Asia-Pacific Group on Money-Laundering following "significant compliance" in tightening their AML regulations.

PhilippinesWednesday, Aug 09, 2017

Philippine technology firm DFNN Inc. saw net profit rise 456 percent year-on-year to P101.8 million over a surge in revenues from its gaming platform business.

PhilippinesWednesday, Aug 09, 2017

The Philippine Amusement and Gaming Corp on Wednesday proceeded with the opening of Casino Filipino (CF) Manila Bay, despite an ongoing dispute over its lease contract.