Gaming industry lost K7.5 million, says CEO

The Government has lost more than K7.5 million from the gaming industry between March and April due to the emergency lockdown.
National Gaming Control Board (NGCB), in a statement on Friday, said the gaming industry was hard hit by the novel coronavirus.
The industry was shut down in compliance of the state of emergency (SOE).
It is a Government-sanctioned entertainment industry regulated by NGCB under the Gaming Control Act 2007.
NGCB chief executive Imelda Agon said the industry generated more than K30 million monthly.
“Given the 14-day lockdown from March 23 to April 8, the Government through the board, has lost over K7.5 million in revenue collection and will therefore, continue to lose K60 million or more from April to June due to the SOE imposed,” she said.
“The revenue generated for the last eight years has been increased to more than K300 million annually and of which 55 per cent of the total revenue is remitted to the Government’s purse through IRC tax, 25 per cent to the gaming sites, 8 per cent to the gaming operators, 7 per cent to community benefit fund and 5 per cent to NGCB for its operation.”
Agon said gaming sites, many of whom were small business, plummeted drastically because they depended on their monthly commissions to be able to pay for their operational expenses.
NGCB paid the commission for March to the gaming sites but those sites that had under banked will have to fully remit the gaming revenue for March 2020 before their gaming commissions can be released, she said
“Since the beginning of SOE, NGCB has been inundated with requests for financial assistance from site owners and bookmakers who face threats of eviction from their respective landlords should they fail to pay for their rentals.
“Thousands of gaming employees have been laid off due to the SOE with little to no income to sustain themselves and their families.”
at this time.”
Due to limited funds available for its operations, the NGCB is unable to provide any form of financial support assistance to its stakeholders without a rescue package from the national government, Agon said
The Port Moresby Chamber of Commerce and Industry last week urged the Government through a submission to give concessions to the business community in these challenging times.