Pagcor chief Andrea Domingo has confirmed they will be looking into the activities of Philippines’ special freeport zones that issue licenses to foreign online gaming firms, Reuters reports.
Earlier this week, Pagcor announced the scrapping of Philweb’s 13-year monopoly and while its chief was publicly denounced as a corrupt oligarch. Duterte refused to renew the license of the operator after its permit expired on Wednesday.
“With the strong and repeated pronouncement of the president, there is no choice,” said Domingo.
“I doubt if anyone expected what happened,” said a former top official at Pagcor, who asked not to be identified.
“It is not quite clear what the president really wants and what the endgame is.”
Duterte’s position on online gaming that services bettors from overseas is yet to be clarified, said Joe Pisano, chief executive of Jade Entertainment and Gaming Technologies.
However, Pagcor said as Philippines looks to boost tourism, its land based casino resorts are unlikely to be targeted.
This Dossier results from the “Life After POGOs” editorial project by Asia Gaming Brief which culminated with a pop-up digital forum on 9th December to discuss potentials ramifications in the industry.
Suncity Group Holdings says its Suntrust Home Developers unit has raised a total of PHP12.9 billion ($268.6 million) through the issue of convertible bonds to finance the development of an integrated resort in Manila.
Over the years, many of the answers have been remarkably prescient in their forecasts for the near-term direction of Asia’s gaming industry. However, we can safely say that no one came anywhere close to guessing
what 2020 may have had in store.
While nowhere in the world has escaped the economic fallout from the Covid-19 crisis, Macau has been hit harder than most, with forecasts for gross domestic product to shrink more than 50 percent this year.