STATE-RUN Philippine Amusement and Gaming Corporation’s (Pagcor) net income dived nearly 87 percent to P203.6 million in 2021 as lockdowns continued to restrict casino operations.
Based on its latest statement of comprehensive income, Pagcor saw its net income plunging by 86.9 percent from P1.55 billion in 2020.
Pagcor’s total income net of gaming of taxes and contributions settled at P18.35 billion last year, down by 9.4 percent from P20.26 billion in 2020.
On the other hand, its expenses which included its contributions to the national government reached P17.86 billion, falling by 4.48 percent from P18.7 billion in the previous year.
Meanwhile, its corporate income tax reached P286.2 million.
Pagcor Chairman Andrea Domingo told the BusinessMirror that the significant drop in Pagcor’s net income last year was due to Covid-19 pandemic and the absence of non-gaming revenues.
Domingo said the closure of some Philippine Offshore Gaming Operators (Pogos) partly contributed to the decline in Pagcor’s net income.
“The Pogos missed their target by almost 20 percent for lack of manpower, a good number closed down and [were impacted by] the slowing down of the world economy,” she said in a message.
Domingo said in October last year that more than half or 32 out of the original 60 Pogos in the country have already left and most have transferred to other jurisdictions.
Domingo also earlier said 2020 was a better year for Pagcor as they were able to accumulate savings for the first three months of that year since they were still in full operation.
With the decline in revenues because of the pandemic, she has since said they would have fewer funds to contribute to government programs, including the Universal Health Care.