Good Morning. The head of the Philippines’ first offshore gaming hub CEZA says that PAGCOR has “failed” in its handling of POGOs, resulting in the various tribulations and ongoing review it’s now undergoing. Also in the Philippines, analysts favor Bloomberry as a top operator, with high expectations for Solaire North. And in Macau, hopes are for lowered operational costs, as operators forge through a new normal.
What you need to know
- POGO operations should be limited to freeports like CEZA, says the region’s CEO, saying that PAGCOR has “failed” in its handling of offshore gaming.
- Investment opportunities in the Philippines favoring Bloomberry as the top operator, with hopes for a stock rise from the Solaire North opening.
- Incremental growth is expected from gaming operators in Macau, according to a new report by Morgan Stanley, however operators face expenses.
On the radar
- Four-nation operation targets gambling crimes in Southeast Asia.
- Grand Lisboa Palace expected to turn EBITDA positive in 3Q23.
- SkyCity delivers in yearly results, rising above pre-pandemic levels.
- Cambodia swears in new PM, son of former leader.
- Gaming market in the Philippines on the rise: analysts.
AGB Intelligence
POGOS
CEZA head says PAGCOR has “failed” on POGOs
The CEO of the Cagayan Economic Zone Authority, Katrina Ponce Enrile, is taking a strong line on PAGCOR’s regulation of offshore gaming operators, essentially saying that her zone did it better. Given over two decades of experience in the offshore sphere, Enrile opines that freeports are better positioned to regulate the sector, saying PAGCOR should be constrained to in-person betting. And new capital requirements, and a review of PAGCOR POGO licenses, could be driving more offshore operators back to their home turf.
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