While major strides have been made in the COVID-19 struggle in other regions of the world, the Philippines are not as fortunate.LVKINGSG Singapore Casino The nation could not free itself from the grip of the coronavirus, which in late last month prompted the government to introduce new quarantine restrictions. These regulations impacted Philippine casino owners, including the Philippine Amusement and Gaming Corporation, the game regulator and casino operator (PAGCOR). The continuing problems have prevented PAGCOR from providing any relief during the first quarter of 2021, with revenues well below an appropriate standard.
Report losses continues
For the first quarter of the year, PAGCOR has just published the financial situation and shows signs of conflict. Their revenues for their gaming activities dropped by 49.1 percent year-on-year. This year, the organisation’s revenue for the first quarter was $339.8 million, but for the first three months of this year it has been required to record $172.8 million because of the constant COVID 19 problems.
In the first quarter of last year, revenue has also decreased by 79,1 percent. The earnings for the first quarter of the previous years amounted to 3.2 million USD compared to 15.3 million USD, with a considerable drop in results in both 2020 and 2021. PAGCOR’s earnings in 2019 amounted to $32 million. If there is positive news, the figures for 1Q21, when the earnings of PAGCOR was 29.7 million Dollars, were higher than those for the 4Q20. PAGCOR has an overall profit of $32.7 million for all of 2020, an 83.8% decrease from the previous year’s $201 million.
Further information The Philippines’ battle ahead
On March 20 of last year, the Philippines pursued COVID-19 in quarantine policy, but it never looked any better. Along with the shutdown of companies, including casinos, surges and outbreaks have persisted. In June, there were several places where regulations were initiated, but in Manila the casino resorts were only 30 percent capped.
Their ability to standard. As conditions appeared to calm, some areas – mainly rural areas – were able to ease their constraints, but Metro Manila continued to monitor strictly. Earlier this year, as the nation tried to recover its currency, quarantines and sanctions were relaxed again. These amendments were not long overdue as the recent March epidemic pushed Manila into the so-called “enhanced Community Quarantine in the Philippines (ECQ). This was lifted last August, but 19,000 new cases recorded by COVID-19 forced them back to work last weekend in March. The Manila Casinos World Resorts, and Solaire Resort and Casino remain closed to date, including City of Dreams.
Casinos No More
At best since Duterte took up office in June 2016, Duterte’s gaming connections have been controversial. After almost driving Phil Web off business that year, the country’s biggest e-gaming cafeteria operator at the time, the President changed his view and telling the audience, “Pay the right taxes, play until you die. I just don’t mind.”
He commissioned PAGCOR to turn the Philippines into a leading place in the Association of Southeast Asian Nations for gaming and entertainment. But the expansion of gaming is now slowing Duterte.