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Naguiat upbeat despite poor performances at Philippine casinos


The Philippine Amusement and Gaming Corp. boss said he is not worried about the recent poor financial performances of Philippine casinos, saying it has “nothing to do with gaming behavior.”

After Bloomberry Resorts Corp, which operates Manila’s Solaire Resort and Casino, reported a net loss in 15Q2 of PHP773.54 million ($16.75 million), and Travellers International, which operates Resorts World Manila, announced net revenues declined by 13.5 percent, Pagcor chairman Cristino Naguiat said, “The figures will speak for themselves. The revenues are still up,” according to the PhilStar newspaper.

Instead Naguiat attributed the companies’ losses to expansion expenses.

Naguiat has said in previous interviews that the country’s casino gross gaming revenue could reach $3 billion this year, up by 20 percent on the previous year.

 

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