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PAGCOR's First-Half Net Income Plunges 85% Amid Weak E-Gaming Performance
The Philippine Amusement and Gaming Corp. (PAGCOR) reported an 85% year-on-year drop in first-half net income to P1.58 billion, primarily due to weaker earnings from its electronic gaming segment. Total revenues also saw a 26.64% decline.
MANILA, Philippines — The Philippine Amusement and Gaming Corp. (PAGCOR) posted an 85 percent drop in first-half net income as weaker earnings from electronic gaming dragged down the state-run gaming regulator’s overall revenue. Net income fell to P1.58 billion in the six months ended June from a year earlier, while total revenues declined 26.64 percent as gaming receipts weakened. Revenue from gaming operations, dropped 27.11 percent to P38.92 billion from P53.40 billion in the same period last year. PAGCOR Chairman and Chief Executive Officer Alejandro Tengco attributed the decline largely to weaker revenues from the electronic gaming segment, underscoring the challenges facing an industry that has been hit by tighter regulations and softer consumer spending. The first-half results indicated a slowdown in the country’s gaming industry after years of rapid expansion driven by online gambling. /pai INQ
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Inquirer Business