Philippine casinos are on a losing streak due to increasing costs resulting from business expansion but the Philippine Amusement Gaming Corp (PAGCOR) remained bullish as gaming revenues in the country are still going up.

PAGCOR Chairman Cristino Naguiat Jr. strongly believes that there is a revenue growth in Philippine gaming industry despite the downturn of gambling companies. He said that this has nothing to do with the gaming behavior of players; instead it has more to do with the bad results to costs related to casino business expansion incurred by companies.

Naguiat said last month that there is a “good chance” that casino gross gaming revenue in the Philippines could reach $3 billion in 2015, up by 20% from the previous year.

The statement of Naguiat appeared to be true as Bloomberry Resorts Corp that runs Solaire Resort and Casino in Manila’s Entertainment City incurred a net loss of PHP1.3 billion in the first six months due to higher expenses but posted gross gaming revenue (GGR) of PHP15.63 billion in H1, up 10.7% year-on-year.