Friday, September 25, 2020

Tag: PAGCOR

Pagcor sees Q119 income jump almost ten percent

Pagcor financial
Pagcor has reported its net income for the first three months of 2019 rose 9.5 percent from the same period last year to hit $30m, after a rise in gaming..

Pagcor ordered to issue Waterfront casino licence

Pagcor, manilla, Waterfront, casino, licence
An appeals court has upheld a Manila court ruling which ordered Pagcor to issue a provisional licence to Waterfront Philippines for a casino resort in the capital region. The Court of Appeals 6th Division reaffirmed the August 2017 ruling by the Manila Regional Trial Court Branch 173 Presiding Judge Armando Yanga, who said Pagcor must act on Waterfront’s application for...

Pagcor reports record earnings increase despite potential portfolio sale

PAGCOR, financials
Pagcor has reported its net income for Q318 has increased 762.9 percent, year on year, to $699m. The Philippine gaming regulator, which also operates a series of state owned casinos, added income from gaming operators increased 18.7 per-cent to $937 for the period, 9.3 percent higher than was originally predicted. Expenditure included $178m in corporate social responsibility payments, and $38m earmarked...

Bloomberry sees profit fall despite revenue gain after Entertainment City investment

Bloomberry Resorts Corporation has reported a 39 percent decline in profit for Q318 at $21.3m, following significant property investment and loan expenses. Though mass table drop rose 27 per-cent to hit a record $23m, and VIP volume jumped ten percent to $11.1bn, the operator stated purchase of the 39.5 acres under its flagship Solaire Casino heavily dented earnings for the...

Pagcor u-turn on decision to privatise casinos

Pagcor, IRs, IGamiX, asia, philippines
Pagcor is not looking to sell casinos earlier targeted for privatisation just yet, according to the regulator-come-operator’s chairman and CEO Andrea Domingo. Domingo said the agency would continue its dual role as both casino operator and regulator “for the next few years, because are still profitable”. She highlighted that GGR from Pagcor owned and operated casinos goes directly to the...

Pagcor confirms five casino proposals made prior to licence moratorium to go forward

ICR - Philippines regulatory asian
hilippine regulator-come-operator, Pagcor has clarified that a moratorium on further land-based casino licences in the country was intended to protect investments made by existing operators. Nevertheless, Pagcor’s president and COO, Alfredo Lim…

Landing finally secures Pagcor approval for Manila IR

ICR WEBSITE LANDING
Landing International Development Corp has received Pagcor approval for its $1.5bn IR development in Manila’s Entertainment City. The provisional licence has been granted after the project’s lease agreement was suspended in late June, pending approval by the Philippines regulator and the National Economic Development Authority. The suspension arose after development partner, and state-owned developer, Nayong Pilipino Foundation was ordered to cease...

Philippines benefits from Chinese tourism growth, but…

Manilla, Philippines
Chinese tourism to the Philippines continues to grow but analysts suggest that, for the moment, the country should maintain a moratorium on issuing any further casino licences to avoid oversaturation. The Philippines is becoming an increasingly popular destination for Chinese gamblers, as tourism has been further boosted by a streamlined visa process. However analysts suggest that the country’s casino resort industry...

Lease agreement placed on hold for Landing International’s Manila IR

ICR 189 BUSINESS LANDING
Landing International Development Corp has had its IR lease agreement in Manila’s Entertainment City suspended, pending Pagcor and National Economic Development Authority approval. State-owned developer Nayong Pilipino Foundation has also been ordered by the Philippines’ Commission on Audit to cease the agreement for the multi-use resort, following accusations of a substantially underpriced contract. A report from the commission in June stated...

Bloomberry wins bid for Solaire land plots

ICR 188 ASIA SOLAIRE
Philippine-listed casino operator Bloomberry Resorts Corp has acquired two parcels of Philippine Amusement and Gaming Corporation (Pagcor) land on which its integrated resort Solaire Resort and Casino stands. In a filing to the Philippines Stock Exchange, Bloomberry confirmed that the land, situated in Manila’s Entertainment City, would be purchased by subsidiary Sureste Properties Inc (SPI) for a total of PHP37.3bn...

Pagcor confirms Galaxy’s $500m Boracay IR project on hold

ICR 188 ASIA GALAXY
Philippines regulator Pagcor has announced that Galaxy Entertainment Group’s integrated resort project on Boracay is officially on hold. Pagcor has confirmed that a plan by Macau’s Galaxy Entertainment Group to build a $500m integrated resort on the island of Boracay is on hold until the company can convince president Rodrigo Duterte of its merits. “ have to probably explain to the...

Duterte halts issue of casino licences from Pagcor

Philippines president Rodrigo Duterte
Philippines president Rodrigo Duterte has ordered an indefinite pause on issuing casino licences across the country.   The request was made to Andrea Domingo, chairwoman of the country’s gambling regulator Pagcor, after the president expressed concerns of “proliferation”. “The president told me last 11 January to freeze the entry of new casinos,” said Domingo. “We’re just processing now the applications we received before...

Lucky for some: Cambodia’s new gambling bill

iGaming Times Cambodia
The Cambodian market is a game with two sets of rules: one for NagaWorld, and another for everybody else. Ben Lee, partner at Macau-based consultancy firm IGamiX, explains what provisions the country’s much-awaiting gaming bill is likely to make for these two classes of enterprise. Cambodia’s casino market is a feral world, where private people still barter for licences and...

Philippines floats bill to end PAGCOR ‘conflict of interest’

ICR - Philippines Continent 8 PAGCOR
Legislators in the Philippines have tabled a new bill to radically shake up the regulatory picture in the country, stripping its current gaming regulator of its ability to also function as a gambling operator.   As it stands, the state-owned Philippines Amusement and Gaming Corporation (PAGCOR) is able to both licence and regulate gaming in the country, as well as running...

BMM Testlabs receives licence to certify online products in Philippines

Casino Review Philippines PAGCOR testlabs
BMM Testlabs has been officially licensed by PAGCOR to evaluate, test and certify online gaming systems and games for Philippine Offshore Gaming Operator (POGO) licensees.   BMM's executive vice-president and general manager Australia, Asia Pacific and South Africa, Kirk White said: "It's a privilege to be licensed again by PAGCOR. We are already licensed by PAGCOR to provide compliance testing and...

PAGCOR licensing powers set to be removed

ICR - Philippines Continent 8 PAGCOR
Philippines' congress have announced a bill that will limit the state-run Philippine Amusement and Gaming Corporation’s (PAGCOR) ability to grant licenses to operators looking to provide their services within the country.   Members of the House of Representatives have been looking to strip this power from PAGCOR for themselves ever since an arson attack on Resorts World Manila two months ago...

Pagcor intervenes in SunCity casino takeover

ICR - Pagcor SunCity
The Philippine Amusement and Gaming Corporation has stepped into the fray between SunCity and Success Vine over the former's unlicenced activity at Sofitel Philippine Plaza.   Casino junket operator SunCity Group has drawn the ire of the Philippine Amusement and Gaming Corporation (Pagcor) after its unauthorised takeover of a small casino at the Sofitel Philippine Plaza. According to reports in local media,...

Udenna Corporation raises funds to finance Cebu casino project

ICR - Udenna Cebu casino project ipo
Udenna Corporation has sold part of its controlling stake in Phoenix Petroleum Philippines to raise funds for its Lapu-Lapu Leisure Mactan project, as the Duterte administration aims to put Cebu on the Asian gaming map.   Philippines-based trading and shipping firm Udenna Corporation has reportedly raised approximately $80.4m to help fund its plan to build a new integrated casino resort on...

Pagcor approves $500m casino resort project

Casino Review - Pagcor Cebu Philippines
The Philippines’ gaming regulator Pagcor has approved a $500m project for an integrated casino resort on the holiday-island of Cebu, the first mega-casino outside the capital of Manila, and is also looking to issue the next batch of POGO licences this April.   The Philippine Amusement and Gaming Corporation (Pagcor) is looking to the central island of Cebu as the nation’s...

Pachinko king talks up Philippines casino prospects

Casino Review - Pachinko king talks up Philippines casino prospects
The Filipino casino sector out shone expectations in 2016, and could be poised to do so again next year. But whether Duterte’s courting of the Chinese can overcome any fallout from anti-gaming politics at home and abroad remains to be seen.   After a disappointing year in 2015, the Philippines casino sector has come back with a vengeance in the past...

PAGCOR’s profits stable for nine month period as it looks to sell casinos

Casino Review Philippines PAGCOR testlabs
PAGCOR, the Philippines’ regulator/operator, has released its financial results for the nine months to the end of September showing only a slight increase in net income from the prior-year period.   Following a tumultuous nine months, state-run regulator/operator Philippine Amusement and Gaming Corp (PAGCOR) reported a net income of PHP3.20bn (E59.8m) in the period from January to September, up by 0.32...

Philippines regulator receives 76 applications for new offshore licences

Casino Review PAGCOR licences
The chief executive of Philippines regulator PAGCOR has announced that the agency hopes to grant 25 licences before the end of October after having received 76 applications since the tender began in mid-September.   The Philippine Amusement and Gaming Corp (PAGCOR) rolled out the new licences in an effort to encourage more casino and betting operators to set up online services...

Okada Manila casino resort faces further delays

Casino Review Philippine Okada Manila
Japan’s Universal Entertainment Corporation, the company behind the $2.3bn (E2.1bn) Okada Manila casino resort in the Philippines, said it is “carefully considering the optimal timing” for the opening of the property.   Initial plans for Okada Manila, which is located within the sprawling Pagcor Entertainment City entertainment complex in Parañaque, called for the casino property to be completed by March 31,...

Bloomberry wins Supreme Court favour in corporate tax battle

Casino Review Bloomberry Resorts
Philippine operator Bloomberry Resorts will no longer be subject to a 30 per cent corporate tax rate – after a  favourable ruling from the highest court in the land.   Bloomberry Resorts, the Philippine owner and operator of the Solaire Resort and Casino in Manila, has announced that the country’s Supreme Court has ruled in its favour regarding a corporate tax imposed...

Philippines’ regulator confirms casino sale plans

Casino Review PAGCOR
PAGCOR looks set to sell off its under-performing casinos amid suggestions that the regulator is planning to raise the licence fees for private sector operators to cover the public revenue loss.   Gaming regulator and operator, the Philippine Amusement and Gaming Corp (PAGCOR), has confirmed that it is planning to sell its casinos, as part of a plan to raise funds...

“Gamble until you die” – Duterte U-turn on online gambling crackdown

Casino Review Philippines Rodrigo Duterte
The Philippine’s president has announced that he is willing to allow a resumption of online gambling within certain conditions.   Philippines president, Rodrigo Duterte, appears to have softened his stance against the gambling industry and  has stated that he is prepared to allow online gambling after all. Immediately after taking office Duterte added online gambling to his hit list of vices and...

Philippine eGaming parlour crackdown commences

Philippines Duerte
A new and oft-described as unorthodox president has ushered in a new, punitive era for the online gaming industry in the Philippines - as the state regulator revokes the licences of a huge number of eGaming parlours.   Gambling regulator the Philippine Amusement and Gaming Corporation (PAGCOR) has announced that it has revoked the operational licences of over 120 eGaming facilities...

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