The Philippine Amusement and Gaming Corp saw strong performance from online gaming firms, and that of local, land-based casino operations, which led to an 11.6 percent increase in its annual revenue in 2019, reaching P75.8 billion.
The amount exceeded PAGCOR’s 2019 target by P1.3 billion.
PAGCOR said this was mainly a result of gaming revenues from slot machine operations, electronic bingo, table games operations, regulatory fees from its POGO sector, and fees from licensed casinos.
The strong results from the POGO sector came despite a halt to all licenses for new online gaming firms imposed in 2019. There are currently 58 POGO firms in the country.
Consolidation of the bases and advancement in adversity was the thrust of Macau Chief Executive’s policy address for 2021, though it gave little away when it came to the current pillar of the economy - the gaming industry.
Gaming suppliers, like all areas of the industry, have felt the pinch from the Covid-19 crisis, though their growing digital businesses have proved a bright spot and helped offset the impact of the crisis.
While nowhere in the world has escaped the economic fallout from the Covid-19 crisis, Macau has been hit harder than most, with forecasts for gross domestic product to shrink more than 50 percent this year.