Good morning. PAGCOR’s dual role as both a regulator and operator of casinos (mostly under the Casino Filipino brand) has been a long-standing subject of debate. However, industry observers say it is not currently the right time for PAGCOR to sell off its casinos. Our Deep Dive this morning gives the latest update on PAGCOR’s casino privatization plans.
What you need to know
- Kangwon Land earnings are likely to rebound strongly once operating restrictions ease and sales will beat pre-pandemic levels, NH Investment & Securities analyst Hazel Lee writes.
- Casinos in Goa will be allowed to reopen today, allowing those who are fully vaccinated, or provide a negative Covid-19 test to enter.
- Federal Group has opposed new draft legislation that would see an end to its monopoly license in Tasmania.
- NagaWorld reopened as of September 15 after more than six months of closure, Chairman says.
On the radar
- Kazuo Okada had his final appeal dismissed by the Supreme Court.
- Hengqin-Macau Cooperation Zone structure and leadership revealed.
- Success Dragon will continue to supply, manage EGMs in two Macau casinos.
- Genting Malaysia reopening is likely to be imminent as vaccinations rise.
- MGTO markets to Mainland with $17 million in discounts at Chengdu roadshow.
What the papers say
- Taiwan police arrest 31 Vietnamese for gambling in a shipping container turned casino.
- Catholic church, local businessmen join calls to oppose casino on Boracay.
- Saipan’s House Gaming Committee, e-gaming operators seek solution to fee hike.
The Philippine government is seeking to extract as much revenue as possible from its gaming industry to repair the Covid-ravaged economy, but selling off the PAGCOR casinos is not seen as a viable option. The Philippine Amusement and Gaming Corp. (PAGCOR) is both the industry regulator and casino operator in its own right, with about 40 properties scattered across the country, operating mostly under the Casino Filipino brand.
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