Category Archives: PAGCOR

PAGCOR 2017 gaming revenue close to $1.19B

Gross revenue of state-run Philippine Amusement and Gaming Corporation (PAGCOR) grew by 7 percent in 2017 on the back of a strong performance by the casino sector.

PAGCOR 2017 gaming revenue close to $1.19BPAGCOR chair Andrea Domingo announced that the state regulator pocketed “close to PHP60 billion (US$1.19 billion)” in 2017, which was slightly below the target. Nevertheless, last year’s sum was higher than the PHP55.06 billion ($1.09 billion) PAGCOR posted in 2016.

The chunk of PAGCOR’s 2017 gaming revenue came from its 46 casino properties, which raked in PHP22.44 billion ($444.6 million). PAGCOR-licensed casino fees contributed another PHP19.27 billion ($382.5 million).

Traditional bingo and e-bingo licensees gave PAGCOR PHP9.45 billion ($187.58 million), while the state regulator’s share from other gaming licensees such as e-games, poker, junket operations was at PHP5.50 billion ($109.17 million).

Internationally licensed online gambling operators contributed PHP3.14 billion ($62.32 million).

“Although the biggest chunk in the agency’s revenues still comes from PAGCOR-operated casinos, the licensed casinos also contributed significantly,” Domingo told in an e-mail.

On Thursday, PAGCOR held a celebratory cocktails and dinner soirée for its licensees and paid tribute to their social and economic contributions to the country. Among those who graced the occasion were Filipino casino mogul Enrique Razon and neophyte casino operator Dennis Uy, whose company plans to build a $341 million casino on the island of Cebu.

The Philippine News Agency reported that President Rodrigo Duterte reminded the operators in attendance that they may expand their business in the country as long as they shun graft and corruption.

Acknowledging that corruption remains a perennial problem in the country, Duterte encouraged gambling operators to report all cases of corruption directly to him, to his officials, or through the Citizens’ Complaint Hotline.

“Please do not give them [government officials] the luxury of extortion. All you have to do is just you can call anybody in government… And I will take care of it,” he said, according to the news outlet. “All I have to do is for you to cooperate and I said do not give in to extortionist. Be it the police, the BIR, Customs. If I learn that you engage in corruption, I’ll make it hard for you.”


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SunCity draws PAGCOR’s ire over Sofitel casino takeover: report

Casino junket operator SunCity Group is in hot water with the Philippine Amusement and Gaming Corporation (PAGCOR) for reportedly trying “to pull a fast one” on the regulator.

According to a Philippine Daily Inquirer report, the Macau casino junket operator appeared to have taken over the operations of a small casino in the Sofitel Philippine Plaza, a luxury resort hotel located in Manila, from a firm called Success Vine Holdings.

SunCity draws PAGCOR’s ire over Sofitel casino takeover: reportSuccess Vine Holdings has secured a three-year PAGCOR license in August 2014 to conduct junket operations and run the Sofitel casino, which is described in the report as “a relatively small operation.”

However, the state regulator has gotten word—from its own people—that SunCity hosted “a nice little launch party” for the Sofitel casino several weeks ago. A number of PAGCOR representatives were invited to the event, who, in turn, reported to their superiors about the alleged “blessing and soft opening of the relaunched facility.”

In response, PAGCOR chair Andrea Domingo has reportedly sent a letter to Success Vine, telling the operator that it could lose its license for “bringing in SunCity into the picture.” PAGCOR licenses, by law, cannot be transferred to another party with the permission from the regulator.

“SunCity is not licensed by PAGCOR to conduct junket operations at Sofitel Philippine Plaza,” Domingo said, according to the news outlet.

The Sofitel facility was “immediately shut down” several days after its soft launch.

SunCity has a major presence in the Philippines, including deals with Manila casinos as well as its Philippine-licensed online gambling operations. But sources told early this year that the Macau casino junket operator has laid off a sizable portion of its Manila-based online gambling staff. The sources also claimed SunCity planned to shift some online staff to its London office while the management team would be based on the Isle of Man, leaving only a skeleton crew behind in Manila.



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Philippines grants 35 new ‘offshore’ on the web gambling licenses

Immediately after weeks of waiting, gaming regulator Philippine Amusement and Gaming Corporation (PAGCOR) has ultimately begun issuing the licenses for “offshore” on the web gambling. The capture? Not all apps were being authorised.

Philippines grants 35 new ‘offshore’ online gambling licensesGaming market sources informed the Philippine Star that the point out regulator has issued about 35 on the web gambling licenses, valid for a person year, for the first rollout of President Rodrigo Duterte’s freshly established gaming regime.

In October, PAGCOR CEO Andrea Domingo mentioned her place of work has been given seventy six apps for the new licenses, which were being initially predicted to be issued “before the finish of October.”

PAGCOR built waves in September by saying the new requirements for Philippine-dependent on the web gambling operators serving bettors in other Asian nations. The go adopted a crackdown on the nation’s ‘eGames’ market, which, unlike the intercontinental on the web operators, catered to a domestic user base by means of electronic terminals in web café-fashion venues.

Duterte voiced opposition to the domestic ‘online’ market shortly soon after using place of work this summer, which led to PhilWeb shutting down its 286 Games cafes. At the time, Domingo mentioned the “strong and repeated pronouncement of the president” had left PAGCOR with “no choice” but to scrap PhilWeb’s license, even with the ensuing 1000’s of redundancies and the tens of thousands and thousands of dollars in eGames income that the point out-operate PAGCOR will have to forego.

Weeks afterwards, PAGCOR declared that it will soon let offshore gaming in the region, which, in a way, was “meant to safeguard the welfare of the Filipinos at the exact same time fulfill the agency’s income targets to assist fund the government’s nation-constructing applications.”

Each and every of PAGCOR’s new licensees, called the Philippine Offshore Gaming Operators (POGO), paid out the regulator software and processing charges of $fifty,000 for e-casino and $40,000 for sports betting. The operators were being also billed $two hundred,000 (e-casino) and $one hundred fifty,000 (sports betting) soon after their licenses were being authorised, in accordance to the information outlet.

The point out regulator previously mentioned it would restrict the variety of POGO applicants to 25 for the initially six months of functions “to be equipped to analyze the course of action totally.”



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Proxy betting driving Manila casinos’ triple-digit junket profits gains

September 22, 2016


manila-casino-proxy-bettingPhilippine casinos noticed profits increase nearly a single-3rd in Q2 2016, many thanks in component to telephone-primarily based proxy betting.

Figures produced by the Philippine Amusement and Gaming Corp (PAGCOR) confirmed the nation’s complete casino gaming profits in the 3 months ending June 30 rising 30% to PHP 34.2b (US $715.3m).

PAGCOR’s very own casinos (which are quickly to be privatized) weren’t the main engine of Q2 development, as their profits was up only 6% to PHP 8b. But the privately run PAGCOR-certified casinos had a significantly superior time, rising 40% to PHP 26.1b. Of this, PHP 22.6b was generated by the resorts in Manila’s Entertainment Metropolis gaming zone (as well as Resorts Environment Manila).

The personal casinos bought most of their Q2 gains from junket operators steering VIP gamblers to their homes. Even though non-junket gaming profits improved 22% to PHP ten.2b and slots improved twelve% to PHP 6.9b, junket-derived profits additional than doubled to PHP 9b.

Maybank ATR Kim Eng Securities analyst Rommel Rodrigo issued a notice saying the Manila casinos’ gains were being aided by the availability of so-termed proxy betting, in which a trustworthy proxy sits at the gaming desk, relaying card information and facts in excess of the mobile phone to a VIP who advises the proxy how to wager.

Rodrigo mentioned the Manila casino gains stood in stark distinction to the stagnant markets in Macau and Singapore. Macau put the kibosh on proxy betting before this year, and even though the ban is not foolproof, Macau’s currently suffering junkets have apparently determined to choose their proxy enterprise to additional tolerant casino markets.

Around a year back, Morgan Stanley analysts believed that even though proxy betting produced up in between five% and ten% of Macau’s VIP gaming profits, Manila’s casinos could be deriving up to fifty percent of their VIP gaming profits from proxy betting. This January, Frontier Money Group produced it simple that proxy betting would be a essential driver of its new Philippine casino in the Clark Freeport Zone.

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PhilWeb halts buying and selling as shares plunge right after Duterte “stop on the web gambling” vow

July four, 2016


philweb-pagcor-egames-online-gamblingConfusion proceeds to reign more than the Philippines gaming market right after the country’s new president warned that “online gambling must end.”

On Friday, Andrea Domingo, the new chairperson of the Philippine Amusement and Gaming Corp (PAGCOR), gave a regional radio interview in which she announced that PAGCOR would halt the issuance of any new eGaming licenses until it decides what exactly President Rodrigo Duterte intended by “online” gambling.

PAGCOR problems ‘eGaming’ permits to online cafés and eBingo parlors managed by organizations like PhilWeb and Leisure & Resorts Planet Corporation (LRWC). These outlets offer Philippine nationals the ability to use pc terminals presenting on the web card and table online games, movie poker, slots and lottery online games. Considering the fact that 2010, these on the web possibilities have been through a sizeable spike, with the overall selection of eGaming devices in operation soaring from two,one hundred sixty to 12,000.

PAGCOR’s announcement contributed to PhilWeb’s shares shedding 22% of their value on Friday. LRWC’s shares took a lesser strike, slipping approximately nine%. PhilWeb operates 268 PAGCOR-accredited eGames cafés, which comprise a overall of eight,839 gaming terminals.

On Monday, PhilWeb sought and was granted a temporary suspension of buying and selling in its shares, citing the “unverified material information” circulating in the wake of Duterte’s pronouncement. The suspension will be lifted Thursday early morning.

A thirty day period before Duterte spoke, PhilWeb had announced plans to make a personal placement of up to 300m shares in a bid to raise at least P6b (US $128m). The enterprise had claimed that this “war chest” would provide it with “the ability to go on an aggressive expansion application.” Suffice it to say, this application could be on long term hold.

There is still question as to whether or not Duterte’s remarks ended up also directed at the Asian-facing on the web gambling operators who hold licenses issued by the Very first Cagayan Leisure and Vacation resort Corp under the Cagayan Economic Zone Authority (CEZA).

These operators are not authorized to take bets from Philippine nationals, and thus would feel to be exempt from Duterte’s considerations concerning the possible harms of gambling on regional inhabitants. However, with some question still hanging more than this query, one opportunistic turnkey company has offered a possible lifeline to CEZA-accredited operators.

On Saturday, Quick Offshore issued a release advertising its Quick-Keep track of On the net Gambling Licensing Application on the island of Curaçao, which the enterprise statements can provide an authorized on the web gambling sub-license within forty eight hours. No information on whether or not you get a refund if your license isn’t sent piping-very hot to your doorway with that timeframe, or if you get totally free Cheezy Bread with your order. Continue to, dare to aspiration.

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