State-run Philippine Amusement and Gaming Corp (Pagcor) reported net income of approximately PHP152.6 million (US$3.2 million) for the first three months of 2021. It compared with net income of around PHP777.4 million in the prior-year period.
The body saw its revenue from gaming operations decline sharply during the period, as many casinos in the Philippines have remained closed or have been operating with limitations, as part of efforts to stem the further spread of the Covid-19 pandemic in the country.
Pagcor’s total revenue from gaming operations for the first three months of 2021 decreased by 51.4 percent year-on-year to just above PHP8.36 billion, compared to approximately PHP17.22 billion in the first quarter of 2020.