The Philippines’ largest online gaming company DigiPlus could possibly be in talks to purchase a physical casino as it aims to diversify beyond the digital sector.
According to a source cited by the Manila Standard, DigiPlus has already identified a location and had been in negotiations. However, the talks have stalled amongst recent attempts to potentially ban the online gaming sector.
Numerous calls for an online gaming ban, promulgated by key senators, have been met with responses for a measured approach, aimed at further regulating the sector rather than shutting it down entirely or increasing taxation to an unviable point for operations.
Even the nation’s gaming regulator PAGCOR has weighed in, noting how its enforcement on bad actors is limited due to a charter which passes the onus of crackdowns on such physical entities to other government departments, including the police.
But this has not stopped the stock market from taking its toll on DigiPlus’ valuation, being a company listed on the Philippine Stock Exchange.
Despite the complications, DigiPlus posted 61 percent growth in profit during the first half of the year, with net income totaling PHP8.4 billion ($147 million).
In August, the group joined the Interim Council of the PlaySafe Alliance of the Philippines, a coalition of 19 founding organizations committed to combating illegal gambling.
At the time, DigiPlus Chairman Eusebio Tanco noted that “By working as one, we can ensure that online gambling in the Philippines becomes more secure, transparent, and beneficial to both players and the nation.”
