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.