Pagcor Egames Online Casino. Pagcor Egames Silang. Pagcor Employees Entrance. Government Building. Pagcor Entertainment Center. Philippine Offshore Gaming Operators, commonly referred to as POGOs, provide a variety of online gaming services to customers outside the Philippines. POGOs must be registered and licensed by PAGCOR. Online gambling is not available to customers based in the Philippines and websites of such firms are blocked.
Pagcor made revenue of PHP30.00bn from gaming operations, down 59.9% from 2019.
This decline was due in part to the closure of casinos from 15 March until late August, when they reopened at limited capacity. Online operators licensed by Pagcor, the Philippines Offshore Gaming Operators (POGOs), were also required to halt operations three days later, but were allowed to open for business again in May.
Because of these restrictions, the majority of Pagcor’s revenue for 2020, at PHP17.22bn, was made in the first quarter of the year alone.
After paying a 5% franchise tax, totalling PHP1.50bn, and half of the remaining figure – PHP14.19bn – to the Philippine Government, as well as PHP60m to the country’s Dangerous Drugs Board, Pagcor was left with PHP14.25bn in income.
Pagcor then made an additional PHP1.04bn from other gambling-related services and PHP4.97bn in other income, for total income of PHP20.26bn.
Of its combined PHP36.01bn in cash flows – including both revenue and other income sources – Pagcor made PHP 7.14bn from gaming, while PHP27.05bn was from junket operations, non-casino customers and other sources of income, while the remainder came from other operating income.
Pagcor’s expenses totalled PHP18.68bn. The largest of these expenses were personal services, at PHP7.41bn. Maintenance and other operating expenses came to PHP4.82bn, while it paid a combined PHP5.22bn in various social responsibility projects and PHP712.3m to the Phillippine Sports Commission.
This left Pagcor with a pre-tax profit of PHP1.57bn. After paying PHP4.8m in taxes, its post-tax profit totalled PHP1.57bn, 83.8% less than in 2019.
Update: Bloomberg reported on November 3 that PAGCOR will allow integrated resorts in the capital Manila to accept bets online. Alfredo Lim, the corporation’s president, confirmed via text message the approval of applications from City of Dreams Manila, Okada Manila, Resorts World Manila, and Solaire Resort and Casino to begin taking online wagers.
Gambling body weighs proposals
The Philippine Amusement and Gaming Corporation (PAGCOR) is considering proposals to permit land-based casinos to start offering online gambling. This comes as the country’s government and casino businesses look for ways to make up for financial losses due to COVID-19.
government and casino businesses look for ways to make up for financial losses
Pagcor Online Casino Entertainment
PAGCOR confirmed in an email to Asia Gaming Brief that: “During the lockdowns this year, proposals from operators of land-based properties to accept bets online from known patrons only were received by PAGCOR.”
The requests put forward are now under consideration by the regulator’s relevant departments. No further details have been provided as yet.
A changing landscape
The allowance of online gambling within the Philippines is looking positive following the recent consideration of licensed online cockfighting (known locally as “sabong”) betting. PAGCOR CEO Andrea Domingo has stated: “PAGCOR can issue the proper regulations in order to license and legitimize operations of local online sabong.”
A potential obstacle to progress is Philippines President Rodrigo Duterte. Set to leave office in June 2022, he has historically been hesitant towards gambling expansion in the country. Filipino politician Hon. Gus Tambunting commented last year that the president would not allow online gambling while he was still in power.
While there are online gambling operators currently in the Philippines, they are only able to target customers outside of the country.
The aftermath of pandemic closures
Gambling operators in the Philippines have been struggling during the pandemic, which is why they are looking for any possible revenue boost.
Pagcor Online Casino Games
casinos are still struggling because of lower capacity and little international tourism
Pagcor Online Casino
Land-based casinos had to close in March as the government attempted to curb the spread of COVID-19. The facilities stayed shut until the end of August, when casinos in certain areas were able to resume business at 30% capacity and with extensive restrictions in place. Despite these reopenings, the casinos are still struggling because of lower capacity and little international tourism.
PAGCOR also closed Philippine Offshore Gaming Operators (POGOs) for a time as a result of the pandemic, leading to significantly lower revenues for the country’s gambling regulator. PAGCOR’s monthly earnings from online operators have fallen by about 80% as regulatory fees for POGOs almost halved. About 50% of PAGCOR’s income goes towards funding public programs in the country.