• About
  • Contact Us
Sunday, August 14, 2022
Crypto Currency Financial
  • Home
  • Crypto News
  • Press Release
  • Blockchain
  • Cryptocurrency
  • NFT
  • Contact Us
No Result
View All Result
Crypto Currency Financial
No Result
View All Result

Pagcor sees 20% drop in gaming operations income

Max Steven by Max Steven
July 30, 2021
in Uncategorized
371 28
0
Pagcor sees 20% drop in gaming operations income
549
SHARES
2.5k
VIEWS
Share on FacebookShare on Twitter


The Philippines Amusement and Gaming Corp (Pagcor) has reported PHP14.8bn ($293.1m) in income from gaming operations for the six months ending June 2021.

It marks a 20% drop in figures for H1 2021, compared to PHP18.4bn for the same period in 2020. Net income for H1 was PHP79.1m. The ongoing Covid-19 pandemic and subsequent safety measures were one of the main reasons for declining profits.

Metro Manila houses close to 20 casinos, all of which have been under lockdown since the start of 2021. Some of the casinos have temporarily closed their doors, while others operate at a limited capacity.

However, the Government is debating whether to strengthen lockdown measures in the area, which would further limit casino operations. Some of the casino operators in the country, such as Okada Manila, even launched vaccination-related campaigns, offering vaccines to the staff.

Pagcor reported that net income for the first three months of the year was PHP152.6m, compared to the PHP777.4m recorded the previous year. Revenue from gaming operations for Q1 declined 51% year-on-year to PHP8.36bn. Authorities reported that since the start of the pandemic, at least 33 POGOs and 200 service providers stopped operating in the country.

Pagcor oversees publicly owned casinos and regulates the country’s casino industry. The Philippine Government is currently planning to introduce some changes into the casino market, including a 5% tax on gaming revenues for all POGOs.

Additional changes would require all foreign employees of POGOs to have a Tax Identification Number and be subject to taxation. The Government would also like to see better personnel monitoring and operational supervision, as well as increase penalties for law-related violations.

Tags: dropGamingIncomeoperationsPagcorsees
Max Steven

Max Steven

Max has keen interest in what cryptocurrencies have to offer in regards to NGO’s, governments and the financial system.

Related Posts

BIB Meta and the Confidence of Web3 Innovation

BIB Meta and the Confidence of Web3 Innovation

August 13, 2022
WHAT IS VERSAILLES HEROES & HOW TO PLAY-TO-EARN?

WHAT IS VERSAILLES HEROES & HOW TO PLAY-TO-EARN?

August 6, 2022
Pando Asset Lists First Crypto ETP on SIX Swiss Exchange

Pando Asset Lists First Crypto ETP on SIX Swiss Exchange

August 3, 2022
BIB Exchange, The Revolutionary Force Towards Crypto Trading Opportunities

BIB Exchange, The Revolutionary Force Towards Crypto Trading Opportunities

July 29, 2022
New reserve cryptocurrency protocol, PLUTO launches on Waves Blockchain claiming to beat bear markets

New reserve cryptocurrency protocol, PLUTO launches on Waves Blockchain claiming to beat bear markets

July 22, 2022
FAMEEX Promises Considerate Approaches to Purse Regulatory Compliance and Protect the Interests of Traders

FAMEEX Promises Considerate Approaches to Purse Regulatory Compliance and Protect the Interests of Traders

July 20, 2022

Trending

BIB Meta and the Confidence of Web3 Innovation
Press Release

BIB Meta and the Confidence of Web3 Innovation

24 hours ago
WHAT IS VERSAILLES HEROES & HOW TO PLAY-TO-EARN?
Press Release

WHAT IS VERSAILLES HEROES & HOW TO PLAY-TO-EARN?

1 week ago
Pando Asset Lists First Crypto ETP on SIX Swiss Exchange
Press Release

Pando Asset Lists First Crypto ETP on SIX Swiss Exchange

2 weeks ago
BIB Exchange, The Revolutionary Force Towards Crypto Trading Opportunities
Press Release

BIB Exchange, The Revolutionary Force Towards Crypto Trading Opportunities

2 weeks ago
New reserve cryptocurrency protocol, PLUTO launches on Waves Blockchain claiming to beat bear markets
Press Release

New reserve cryptocurrency protocol, PLUTO launches on Waves Blockchain claiming to beat bear markets

3 weeks ago

About

The cryptocurrencyfinancial publishes regular news, analysis and opinion pieces on the latest developments in this fast-moving space. We offer the latest crypto news, expert pricing analysis and insight on the latest ICO's.

Contact Us: [email protected]

Categories

  • AI Trading
  • Axia
  • Bitcoin
  • Blockchain
  • Blockchain News
  • Business
  • Crypto
  • Crypto News
  • Cryptocurrency
  • Cryptonews
  • Cryptos
  • Deepcoin
  • Gaming
  • Guest Post
  • ICO
  • Metaverse
  • News
  • NFT
  • Press Release
  • Technology
  • Tezro
  • Token
  • Trading
  • TRADING GUIDES
  • Wallets

Tags

2020 Announces Betting Bitcoin blockchain Brides cannabis Casino Casinos Colorado Content coronavirus Covid19 crypto Cryptocurrency Currency Deal financial foreign Gambling Games Gaming Group Launch Launches live marijuana market Online Partners Partnership Play pot Pragmatic Red reports revenue Simple Slot Slots Solutions Sports Supply unveils William
  • BIB Meta and the Confidence of Web3 Innovation
  • WHAT IS VERSAILLES HEROES & HOW TO PLAY-TO-EARN?
  • Pando Asset Lists First Crypto ETP on SIX Swiss Exchange
  • BIB Exchange, The Revolutionary Force Towards Crypto Trading Opportunities
  • New reserve cryptocurrency protocol, PLUTO launches on Waves Blockchain claiming to beat bear markets
  • About
  • Contact Us

Associated with Blockchain Press Media Network

No Result
View All Result
  • Home
  • Blockchain
  • Crypto
  • News
  • Press Release
  • Price Analysis

Associated with Blockchain Press Media Network

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
  • bitcoinBitcoin(BTC)
    $47,760.000.100% 24H
    BITCOIN
    24H : 0.100%
    Volume : $25,691,746,641.00
    Marketcap : $902,767,395,534.00
  • ethereumEthereum(ETH)
    $3,750.30-0.42% 24H
    ETHEREUM
    24H : -0.42%
    Volume : $15,543,537,817.00
    Marketcap : $446,191,570,291.00
  • binancecoinBinance Coin(BNB)
    $523.71-0.25% 24H
    BINANCE COIN
    24H : -0.25%
    Volume : $1,715,282,504.00
    Marketcap : $88,112,540,019.00
  • tetherTether(USDT)
    $1.0000.050% 24H
    TETHER
    24H : 0.050%
    Volume : $52,703,800,023.00
    Marketcap : $78,519,198,598.00
  • solanaSolana(SOL)
    $175.020.210% 24H
    SOLANA
    24H : 0.210%
    Volume : $1,660,210,957.00
    Marketcap : $54,115,741,275.00