The Commission on Audit (COA) has urged the Philippine Amusement and Gaming Corp (PAGCOR) to consider closing Casino Filipino in Manila Bay, after five years of losses.
It has been revealed that the casino has clocked net losses of P2.1 billion over five years.
“Aggregate net losses of P2.113 billion incurred by CF (Casino Filipino) Manila Bay for five consecutive years cast doubt on its ability to continue as a going concern and the said condition was not disclosed in the Notes to Financial Statement (FS ) as required,” said the COA in a recently-released 2018 annual audit report for PAGCOR.
According to local media, the COA has urged PAGCOR to “devise realistic development plans and strategies to generate sufficient funds” or consider the closure of the CF-Manila Bay to “avert continuous losses.”
PAGCOR management blamed the losses on “disintegration of the income-generating satellites from CF-Pavilion, opening of competing integrated resorts and a gradual reduction in the number of table games and slot machines.”
The COA has also noted series lapses in PAGCOR’s implementation of its school building project.