Gaming Industry in PNG lost K7.5 Million in Revenue
The Papua New Guinea National Gaming Board has written a letter to the authorities to seek approval to resume gaming operations under strict measures to control the spread of Coronavirus in gaming sites in the country.
This follows the devastating impact the pandemic is having on the Gaming Industry.
During the 14 day lockdown, the NGCB has lost about K7.5 million in revenue collection.
The Gaming Industry in the country has been hit hard by the State of Emergency imposed on all services across the country.
National Gaming Board, Chief Executive Officer, Imelda Agon in a statement said the industry generates a revenue of more than K30 million on a monthly basis.
However, the 14 days lockdown has seen a loss of K7.5 million in revenue and is expected to lose about K60 million or more from April to June during the SOE period.
Ms. Agon stated that for the last 8 years, revenue has increased to more than K300 million annually from which 55 percent of the total revenue is remitted to the national government through Internal Revenue Commission, 25-percent to the Gaming sites, 8-percent to the Gaming operators, 7-percent to the Community Benefit Fund and only 5-percent to the NGCB for its operations.
Now, the industry stakeholders especially the gaming sites, many of whom are small businesses have been affected because they depend on their monthly commissions to be able to pay for their operational expenses such as rentals and wages.
Ms. Agon said gaming sites and bookmakers are now asking for help as they face threats of evictions from their landlords but NGCB is unable to provide financial assistance.
NBC News / PNG Today
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This follows the devastating impact the pandemic is having on the Gaming Industry.During the 14 day lockdown, the NGCB has lost about K7.5 million in revenue collection.
The Gaming Industry in the country has been hit hard by the State of Emergency imposed on all services across the country.
National Gaming Board, Chief Executive Officer, Imelda Agon in a statement said the industry generates a revenue of more than K30 million on a monthly basis.
However, the 14 days lockdown has seen a loss of K7.5 million in revenue and is expected to lose about K60 million or more from April to June during the SOE period.
Ms. Agon stated that for the last 8 years, revenue has increased to more than K300 million annually from which 55 percent of the total revenue is remitted to the national government through Internal Revenue Commission, 25-percent to the Gaming sites, 8-percent to the Gaming operators, 7-percent to the Community Benefit Fund and only 5-percent to the NGCB for its operations.
Now, the industry stakeholders especially the gaming sites, many of whom are small businesses have been affected because they depend on their monthly commissions to be able to pay for their operational expenses such as rentals and wages.
Ms. Agon said gaming sites and bookmakers are now asking for help as they face threats of evictions from their landlords but NGCB is unable to provide financial assistance.
NBC News / PNG Today
Next :
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