The financial news in almost all industries worldwide isn’t positive because of the COVID-19 pandemic and considerable revenue losses caused by it. PAGCOR, the Philippine Amusement and Gaming Corporation, had to cut down the amount of its contribution to the state coffers, and the lack of income was the reason for this.
However, the Corporation’s remittances are still impressive, taking into consideration harsh conditions for the industry’s operation.
What is the amount of contributions?
As has been reported, the gambling industry in the Philippines has provided 353.7 million dollars to the Bureau of the Treasury, starting mid-December 2020. This sum became the third on the list of the biggest contributions but, of course, it couldn’t be compared to 2019’s amount, namely 706.38 million dollars.
PAGCOR has to pay more than fifty percent of its NGR to the coffers. This year’s payments, according to the Philippine Department of Finance, will help to improve the country’s economy damaged by the pandemic.
The Q3 GGR, when gambling establishments were allowed to reopen but following strict guidelines, dropped by seventy-three percent. The permission to continue operation didn’t save casinos from huge losses in revenue. Now PAGCOR is searching for new ways how to increase the income. The current way out is online casinos, which are available only to VIP players in the country.
Read more: How do casinos make money online?