The Philippine Commission on Audit (COA) has asked PAGCOR to consider shutting down Casino Filipino Manila Bay or create a strategy to restrict further revenue loss on operating the gambling establishment.
Casino Filipino Manila Bay’s inability to disclose the financial figures also irked the state auditors.
According to the audit report, while the casino generated PHP10.6 billion in 2018, the operating expenses for the same period were PHP6.5 billion and the government contributed PHP5.26 billion.
The casino is operated by PAGCOR and the Manila branch of the Casino Filipino brand has been incurring consistent losses for the past five years.
The property posted a loss of PHP352 million in 2014 which increased to PHP502 million in 2018.
Audit authorities also noted that “the existence of adverse financial conditions for five consecutive years [of Casino Filipino Manila Bay] casts doubt on its ability to operate as a going concern.”
The COA urged PAGCOR to device a strategy and come up with a “realistic development plans and strategies” for the property to be able to generate sufficient funds or consider closing it to “avert continuous losses.”