The first day of the 6th ASEAN Gaming Summit has passed and left us with a lot to tell, especially with plenty of Filipino government officials and gaming market “big fish” commenting the latest industry developments in the country.
The morning kicked off with none other than Alejandro H Tengco, Chairman and CEO of PAGCOR, who is confident, to say the least, that the Philippines will become the largest gaming market in the Asian Pacific sphere in the near and middle term, surpassing Singapore and only surpassed by Macau.
PAGCOR expects gross gaming revenue to reach a new high of PHP336 billion (US$6.1 billion) this year, up from last year’s record of approximately $5.1 billion on the back of lower licensing fees and regulatory reform.
Tengco was preceded by a panel with PAGCOR officials, who commented that lower licensing fees and tighter probity checks are helping to “cleanse” the multiple criminal elements reported in previous Philippine offshore gaming operators’ (POGOs) operations.
Gilbert Remulla, a member of the PAGCOR Board of Directors underlined that the recently announced lower 35 percent license fee for both online and on-site betting platforms will help bring to the fold “black market” players in the online gaming sector.
In a different panel, DFNN’s Executive Chairman and Founder, Ramon Garcia Jr., stated that the Philippines is “doing the best it can” to be removed from the anti-dirty money watchdog Financial Action Task Force FATF’s gray list.
Garcia considered that technology will probably reach the capability to trace funds used for illegal activities and help remove the country from a list where it was re-included since June, 2021
Leaving the regulatory side, the President and COO of Bloomberry Resorts Corp, Thomas Arasi, said in a keynote speech that the group is well-prepared for its second integrated resort project, Solaire Resort North, to open in late May.
Earlier in the day, Pronet Gaming CEO, Alex Leese, shared his outlook on the Philippines gaming industry and the considerations the company carried out before deciding to enter it.
Commenting on China’s recent warning to its citizens against gambling outside the country, gaming expert Ben Lee remarked that it’s not new, as similar warnings were issued several years ago.
