Philippines Q2 GGR plunges

Philippines Q2 GGR plunges

Gross gambling revenue in Q2 in the Philippines came in at just P2.42 billion ($49.9 million) as the Covid-19 crisis forced the closure of gambling outlets across the country, according to figures from regulator, the Philippine Amusement and Gaming Corp. (PAGCOR).

In Q2 of 2019, the country’s casinos, e-cafes and bingo outlets generated P60.65 billion in revenue, with an additional P1.32 billion from online gaming operators. 

The majority of the revenue in the quarter came from casinos in Manila’s Entertainment City, which have been operating on a limited capacity to certain invited guests. They took in P1.95 billion in the three months to end June.

For the first half of the year, the Philippines recorded P55.33 billion in revenue. 

Casinos have now been permitted to reopen, but only at 30 percent capacity. Unlike many countries across Asia, the Philippines does allow its local population to gamble and therefore are not as reliant on the reopening of international borders.

In the recent round of results announcements, executives expressed confidence in the recovery of the market and said they would be pressing on with their new projects.