PAGCOR chief Andrea Domingo has revealed that GGR in the Philippines is plunging by around 30 percent to 40 percent since February.
“It’s not meeting its target,” Domingo told local reporters, noting the PHP290 billion (US$5.8 billion) GGR national goal is likely to be missed.
She added, “Right now, the only ones who are meeting their targets are the ones operating tables and slot machines.”
Domingo added that Covid-19 countermeasures are likely to fall most heavily on junket operators who depend on wealthy Chinese and South Korean visitors. There is already a roughly 50 percent drop in this market.
Domingo also noted that PAGCOR expects about PHP8 billion in revenues from POGOs.
This Dossier results from the “Life After POGOs” editorial project by Asia Gaming Brief which culminated with a pop-up digital forum on 9th December to discuss potentials ramifications in the industry.
South Korea said on Sunday it will extend social distancing measures introduced to try to curb the spread of the novel coronavirus pandemic for another six days, to Jan. 3 after reporting a further 970 cases on Saturday.
Predicting a spike in Covid-19 cases in January, Goa state Health Minister Vishwajit Rane has appealed to tourists to take precautions and to observe government appeals to wear masks and practice social distancing.
Operators in Entertainment City had already begun to complain about the impact of rising competition on their margins even prior to the Covid-19 crisis. Now, with the outlook highly uncertain due to border closures and the erosion of the VIP sector, they may have to contend with three new developments pressing ahead.
Over the years, many of the answers have been remarkably prescient in their forecasts for the near-term direction of Asia’s gaming industry. However, we can safely say that no one came anywhere close to guessing
what 2020 may have had in store.
While nowhere in the world has escaped the economic fallout from the Covid-19 crisis, Macau has been hit harder than most, with forecasts for gross domestic product to shrink more than 50 percent this year.