The Philippines’ Commission on Audit (COA) has asked gaming regulator PAGCOR to consider shutting down the Manila Bay branch of its Casino Filipino brand after revealing it has lost Php2.1 billion in the last five years.
According to the COA’s 2018 annual audit report, the branch earned Php10.6 billion in that time but costs proved considerably higher, including Php6.5 billion in operating expenses and Php5.26 billion in contributions to the government.
Losses have been rising steadily throughout the five years, from Php352 million in 2014 to Php458 million in 2015, Php386 million in 2016, Php413 million in 2017 and a record Php502 million in 2018.
“The existence of adverse financial conditions for five consecutive years of the CF-Manila Bay casts doubt on its ability to operate as a going concern,” the COA said.
PAGCOR has pointed to “the disintegration of the income-generating satellites from Casino Filipino-Pavilion, opening of competing integrated resorts (in Entertainment City) and gradual reduction in the number of table games and slot machines” as the cause of the losses.
