Gross gambling revenue in the Philippines rose 10.7 percent in Q2, though revenue from licensed casinos slipped from the prior quarter.
The Philippine Gaming and Amusement Corp. said GGR from all forms of gambling for the quarter was PHP60.15 billion ($1.14 billion), compared with PHP54.29 billion a year earlier.
Revenue from licensed casinos was PHP52.29, up 10.6 percent from the prior year, but down from the PHP52.52 billion posted in the first quarter.
The main reason for the decline was a fall in VIP revenue and declines in revenue at casinos run by the regulator.
VIP revenue at licensed casinos was PHP13.16 billion in Q2, compared with PHP14.06 billion in the first quarter. Revenue at PAGCOR-operated casinos was down almost 4 percent to PHP9.06 billion.
Casinos in Entertainment City pulled in PHP40.51 billion, up from PHP35.7 billion a year earlier and up from PHP39.82 billion the prior quarter.
The Covid-19 crisis has rekindled debate over the potential privatisation of the Philippine Amusement and Gaming Corp (PAGCOR) casinos to raise funds to fight the pandemic.
The Philippines Amusement and Gaming Corp (PAGCOR) is studying a proposal to allow land-based casinos accept bets online as operators and the government seek ways to mitigate losses due to Covid-19.
With much of the noise this week coming from the shenanigans downunder at the Crown Resorts inquiry, it would have been easy to miss more signs of trouble for Philippines Offshore Gaming Operators (POGOs.)
PAGCOR said it can issue appropriate regulations to license and legitimize cockfights streamed online as part of efforts to obtain much-needed funds for the government.
Philippine Offshore Gaming License Operators (POGOs) have been given ample opportunity to settle their obligations to the government, though some have chosen to close down because of the impact of Covid-19 on their business, the regulator said.
The Philippine Sports Commission (PSC) has received a financial boost as it received an additional remittance from the Philippine Amusements and Gaming Corporation (PAGCOR) that it hopes to use to fund the anticipated return to training by its Tokyo-bound athletes and other Olympic hopefuls.
The Philippines market regulator may be considering regulation to allow local Filipinos to gamble online to make up for plummeting revenue from the country’s legal gambling outlets, according to industry sources.
The Philippine government’s target to double revenue from online gambling looks to be on shaky ground, as only half the operators have resumed business following Covid-19 and other licensing jurisdictions look to benefit from the fallout.
The regulator of the Philippines online gambling industry, Philippine Amusement and Gaming Corporation (PAGCOR) has warned for some time now that online operators could be leaving the country for greener pastures.
Bloomberry Foundation and the Philippine Amusement and Gaming Corp said they have completed the capital region’s largest quarantine facility for Covid-19 patients.