Good Morning. Philippines Amusement and Gaming Corp (PAGCOR) Chair Andrea Domingo is coming to an end of a six-year term, although incoming President Ferdinand Marcos has yet to announce her successor. In today’s Countdown to ASEAN 2022, Domingo runs through some of her proudest achievements during her tenure. The country is the first in Asia to regulate domestic online gaming and she hopes PAGCOR will lead the way for other jurisdictions in the region to follow. If gambling cannot be eliminated, the next best thing is regulation with competence and integrity, she says.
What you need to know
- Bernstein analysts reduced their GGR forecast for Macau, as they believe that the lockdown “may last longer than seven days.”
- Macau casino operators likely need to write-off July and August as liquidy cruch will worsen as the license bidding process unfolds, J.P. Morgan expects.
- Sands China announced that it has secured a US$1B term loan from cash rish Las Vegas Sands, in what J.P. Morgan describes as “quite favourable” terms.
On the radar
- Aquis sells Casino Canberra to Iris Capital for A$63m, drops Oscars.
- Star Entertainment confirms Michael Issenberg board appointment.
ASEAN 2022 COUNTDOWN
The election of a new president in the Philippines automatically triggers a change in leadership at the gaming regulator, the Philippines Amusement and Gaming Corp. (PAGCOR). We asked the outgoing chair, Andrea Domingo, about her proudest achievements over the past six years and what advice she can give to her successor. Among other PAGCOR’s notable achievements – since we assumed office in 2016 – were ensuring that PAGCOR’s role as the country’s gaming regulator was enforced. The Philippine gaming industry has indeed expanded substantially because PAGCOR was able to regulate many gaming activities, which used to be considered illegal.
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