Asia
PAGCOR Profits Fall 50% During Q1 2020
The Philippine Amusement and Gaming Corporation (PAGCOR) has reported a 5.7% decrease in income from gaming operations to Php17.22 billion for the three months to 31 March 2020.
The results were impacted by the closure of its casinos to stop the spread of COVID-19. Last week, President Rodrigo Duterte announced the extension of enhanced community quarantine measures until at least May 15.
According to PAGCOR’s statement of comprehensive income for Q1 2020, profit for the period fell by 49.9% to Php777.4 million, well below its pre-2020 target of Php1.42 billion for the quarter.
PAGCOR paid a total of Php9.04 billion in gaming taxes and contributions as part of its mandated charter, which includes a 50% government share and 5% franchise tax, and almost Php4.4 billion in CSR contributions.
Powered by WPeMatico