Full year results 2020

Pagcor revenue down 83.8% to PHP1.57bn in Covid-hit 2020

2 minutes read
The Philippine Amusement and Gaming Corporation (Pagcor), which acts as an operator and regulator in the country, reported income of PHP1.57bn in 2020, down 83.8% year-on-year following casino closures due to the novel coronavirus (Covid-19).

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.

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