Leisure and Resorts World Corp. (LRWC) has seen a near 50 percent drop in online gaming companies licensed under FCLRC since the introduction of Pagcor’s new online regulations, Philstar reports.
Last year, the company had 138 online gaming companies under its belt, but since POGOs were introduced, has around 70 to 80.
“We lost about 60. Those 60 transferred to POGO,” said Francis Hernando, chief operating officer of LRWC.
Before POGO, FCLRC (First Cagayan Leisure and Resort Corp.) issued licenses for international online gaming sites operating inside the Cagayan Economic Zone.
Hernando says in response, LRWC is now looking to redevelop its 10-hectare cyber estate to attract new companies.
“This situation pushed us to develop Cagayan. Now, we have to think township. We have to have office buildings for the BPOs. We’re re-launching this thing,” said Hernando.
As well as redeveloping the Cagayan economic zone, LRWC is also developing the Cagayan North International Airport in a P5 billion (US$99.2 million) project in partnership with the Cagayan Economic Zone Authority (CEZA). The airport is said to be able to handle commercial flights as well as accommodate private jets for junket players, and is aimed to become operational as early as this year.
“We have no choice but to start putting in investments in Cagayan. An international airport is key,” he said.