Philippine casinos are on a losing streak due to increasing costs resulting from business expansion but the Philippine Amusement Gaming Corp (PAGCOR) remains bullish as gaming revenues in the country are still going up.
PAGCOR Chairman Cristino Naguiat Jr. strongly believes that the Philippine gaming industry is growing despite the recent downturn of gambling companies. He said that this has nothing to do with the gaming behavior of players; instead it has more to do with companies’ expansion costs.
Naguiat said last month that there is a “good chance” that casino gross gaming revenue in the Philippines could reach $3 billion in 2015, up by 20% from the previous year.
Naguiat’s statement appeared to be true as Bloomberry Resorts Corp, which runs Solaire Resort and Casino in Manila’s Entertainment City, incurred a net loss of PHP1.3 billion in the first six months due to higher expenses but posted gross gaming revenue (GGR) of PHP15.63 billion in H1, up 10.7% year-on-year.
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