PAGCOR Projects Q3 Gaming Revenue Decline, Cites Geopolitical Risks

The Philippine Amusement and Gaming Corp. (PAGCOR) said it expects third-quarter gross gaming revenue (GGR) to retreat to the mid-P80-billion range, and described the gaming market as “stabilizing.” “For GGR, maybe in the mid-80s for the third quarter,” PAGCOR Chairman and Chief Executive Officer Alejandro H. Tengco told reporters on the sidelines of an event on Wednesday. “The market is stabilizing.” If GGR comes in at roughly P85 billion to P86 billion in the third quarter, this would represent a 9-10% decline from the P94.51 billion booked a year earlier. It would also be lower than the P88.13 billion in GGR booked in the three months to June. Mr. Tengco said GGR could strengthen further in the fourth quarter, although on again, off again in the Middle East remains a source of uncertainty. “The problem now is the Middle East conflict. We are all aware (of the impact because) the price of oil shot up overnight,” he said “Traditionally, the fourth quarter is the strongest quarter for gaming. But then again, if we (consider) what might happen on the geopolitical front, then I the crystal ball is not clear at the moment,” he added. PAGCOR on Wednesday received 3,500 wheelchairs from the SiGMA Foundation for distribution to people with mobility needs, particularly those affected by the recent spell of heavy rains and flooding. “On behalf of PAGCOR, I thank the SiGMA Foundation for this generous support. These wheelchairs are now ready for distribution to beneficiaries in cities, municipalities, and provinces across the country,” Mr. Tengco said. SiGMA Foundation is the charity arm of the SiGMA Group, an events and media organization focused on gaming, emerging tech, digital health, and affiliate marketing. “Today’s ceremony is meaningful because it demonstrates what can be accomplished when the private sector and government work together with a shared purpose,” SiGMA Asia Managing Director Neil Shih said. “We hope that these 3,500 wheelchairs will make a difference in the lives of thousands of Filipinos and their families,” he added. According to PAGCOR, the wheelchairs will help expand its corporate social responsibility program to reach more beneficiaries. — Justine Irish D. Tabile