The Philippines Gaming first-quarter income is down by 50% due to the closure of casinos following the COVID-19 pandemic. According to reports, the nation’s gaming regulator’s loss is about over $15.36 million year-per-year.
A report of the three-month figure for the Philippine Amusement and Gaming Corporation (PAGCOR) authority represents a decrease of 49.87% year-on-year. Also, accompanied by a 7.12% comparable drop in gross income to roughly $354.15 million.
Complete Closure Order Affects the Philippines Gaming First-Quarter Income
Philippine president, Rodrigo Duterte ordered non-essential businesses for a complete shutdown for a month from March 16. It includes the nation’s casinos as a way to help stop the spread of the COVID-19 virus. In which several 558 casualties with over 8,000 people who tested positive.
However, the president orders an extension for the community quarantine. This shutdown extension is for venues across much of Luzon, including metropolitan Manila, until at least May 15. Therefore, it is to further postpone the re-opening of the City of Dreams, according to live online casino sources. Also including Okada Manila, Solaire Resort and Casino, and Resorts World Manila developments.
PAGCOR’s Aspiring Target
The Philippines Gaming first-quarter income in gross fell short of its $369.52 million targets. PAGCOR previously set itself and encompass some $134.79 million in land-based casino fees. Alongside with approximately $35.77 million in duties from the 59 licensed iGaming operators.
PAGCOR later honors its charter by subsequently disbursing about $178.68 million in federal gaming taxes and payments. While additionally making corporate social responsibility contributions worth around $86.97 million.
Philippines Online Gaming
The legal landscape of online gaming in the Philippines is dividing line between the country as a whole and the Cagayan Special Economic Zone.
The Cagayan Special Economic Zone and Freeport (Cagayan Freeport) is under the management and supervision of the Cagayan Economic Zone Authority (CEZA). Internet gaming licenses where you can play online casino games are available directly from Cagayan Freeport. And, CEZA has the legal authority to approve online gambling applicants without prior acceptance of any national government agency.
About PAGCOR
The Philippine Amusement and Gaming Corporation’s regulatory function is undertaken primarily by the Gaming Licensing and Development Department (GLDD). That includes the issuance of licenses or authority to operate casinos and traditional and electronic bingo parlors. Also, it includes electronic gaming outlets, sports betting kiosks, poker rooms, and private entities.
In 2000, it authorized the Sports and Games Entertainment Corp as the exclusive operator for Philippine’s only online casino. In 2002, the government allowed PhilWeb Corp, together with PAGCOR, to regulate and tax online gaming sites based in the Philippines.
To facilitate online gaming, PhilWeb launched Modular PAGCOR e-Games Cafes (MPEGs). These are sizeable mobile shipping containers that are mobile. Also, these containers come complete with computer terminals and cashier facilities. Besides, PhilWeb does not have any competitors and offers online casino games such as online slot machines and the popular online baccarat.
