The Philippine Amusement and Gaming Corp. (PAGCOR) has rubbished an audit report which revealed a whopping $41.4 million net loss for its Casino Filipino Manila Bay.
Earlier this week on Tuesday, the Philippine Commission on Audit (COA) asked PAGCOR to consider shutting down Casino Filipino Manila Bay or create a strategy to restrict further revenue loss on operating the gambling establishment.
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 audit report also revealed that the casino had been making losses consistently for over five years.
Discrediting the report’s findings, PAGCOR argued that Casino Filipino had only been operational for two years and that the information cited by the Commission was outdated.
PAGCOR also said that the deficit shown was of a now defunct casino property, Casino Filipino Pavilion and stated that the audit commission should not have included the figures in their current report.
The audit authorities in their report also said 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.”