Category Archives: Philippines

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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Bloomberry set for record year as mass market buoys Solaire’s Q3

bloomberry-resorts-solaire-casino-razonPhilippine casino operator Bloomberry Resorts Corp reported Q3 profits rising nearly one-third based on a thriving mass market business at its flagship Manila integrated resort.

On Thursday, Bloomberry released its Q3 earnings report, which showed revenue of P9.6b (US $187.2m) in the three months ending September 30, a 22.3% rise over the same period last year. Earnings were up 33% to P3.4b, while net profits rose 31% to P1.85b.

Business was booming at Bloomberry’s Solare Resort & Casino in Manila’s Entertainment City gaming district. Mass table drop was up 22% year-on-year to P9.7b, a new quarterly record, while mass electronic gaming machine (EGM) coin-in shot up 38% to P49.7b, also a record.

Solaire’s VIP gaming turnover declined 13% but VIP revenue improved 14% to P5.4b based on Q3 2016 having endured a pitifully low 2.16% VIP win rate, which rebounded to 2.83% in the most recent quarter. And while turnover and revenue were both down from Q2, the VIP turnover figure still ranked third-best since Solaire opened in 2013.

Jeju Sun Hotel & Casino, Bloomberry’s South Korean property, reported its first ever positive quarterly earnings since Bloomberry acquired the property in 2015. Jeju Sun’s gross gaming revenue was up a whopping 436% to P151m, as the property was wholly preoccupied last year with its ultimately aborted sale to a Macau junket operator.

Bloomberry boss Enrique Razon Jr. (pictured) hailed his company’s ongoing growth and held out hope that this “uptrend” would persist through the remainder of 2017. “Our top line and bottom lines are positive and, despite some minor hiccups, I am confident that 2017 will be a banner year.”

Year-to-date figures are rosy indeed, with revenue up 28% to P28b, earnings up 30% to P10.2b and profits jumping 275% to just under P6b.


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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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PAGCOR chair Andrea Domingo to keynote inaugural ASEAN Gaming Summit

There’s no denying that the Philippines’ thriving gambling industry has seen a lot of changes in the last couple of months.

The local gambling industry has flourished in the past decade, especially the casino sector, which investment bank Credit Suisse forecasts to generate gaming revenue of $6 billion by 2018—making the country one of the top four players in the world. The growth can be partly credited to President Benigno Aquino III’s administration that has worked hard to support the casino industry, which it regards as critical to the economy.

PAGCOR chair Andrea Domingo to keynote inaugural ASEAN Gaming Summit2016 saw the country elect a new president, and it’s someone who’s not from Aquino’s party. Before he won—by a landslide, no less—Rodrigo Duterte got a thumbs down from industry executives because he tends to flip-flop on issues related to gambling.

True to Duterte’s campaign promise, change did happen across all sectors. The gambling industry saw a purge following the new president’s “online gambling must stop” missive, while state regulator Philippine Amusement and Gaming Corporation (PAGCOR) started looking into the activities of the special freeport zones that license Asian-facing online gambling companies.

Since then, the regulator has issued 35 licenses under its Philippine Offshore Gambling Operator (POGO) program as part of its mandate to “operate, authorize and license games of chance, games of cards and games of numbers” in the country.

Now, PAGCOR is in the process of transitioning from its dual role as both regulator and operator of land-based casinos to a purely regulatory function. Its 11 casinos, which operate under the Casino Filipino brand, as well as its eight VIP slot machine clubs and three slots arcades, are expected to be fully privatized by Q3 2017.

What is on the horizon for gambling in the Philippines?

Next week, PAGCOR chair Andrea Domingo will take the stage at the inaugural ASEAN Gaming Summit to discuss the future of land-based electronic gaming and online regulation in the country.

Aside from Domingo, 40 speakers from land-based gaming and 32 speakers from online gambling will talk about the successes and challenges that operators in the Southeast Asian region are facing today.



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To start with Cagayan vows tech boost to retain on the web gambling licensees

first-cagayan-ceza-online-gambling-licenseTo start with Cagayan Leisure and Resort Corporation designs to spend tens of millions to boost its complex infrastructure in the hope of retaining its on the web gambling licensees, but it might be generating beds in a burning property.

This week, on the web gambling operators licensed in the Cagayan Financial Zone Authority (CEZA) started obtaining letters from To start with Cagayan President Francis Hernando outlining the corporation’s new “strategic direction,” which is meant to support operators craft their “short and prolonged-term business designs.”

Hernando states To start with Cagayan’s new direction spots a “particular concentration on details and telecommunications amenities.” Specially, To start with Cagayan is pledging to spend about $4m to update its current details heart in Cagayan Cyberpark inside the Cagayan Freeport, although a further more $3m will go toward upgrading details infrastructure exterior the Freeport.

Hernando promises the upgrades will make To start with Cagayan’s web hosting and connectivity abilities on par with “established worldwide gaming jurisdictions.” It’s also owning discussions with unnamed events relating to a task “to supply secure electrical energy to the Freeport.”

The 10-hectare Cyberpark is staying pitched as a “fully functional, self-contained group with function-designed structures to property studios and phone centers,” along with household accommodations, usefulness retailers and leisure amenities.

Hernando insists that To start with Cagayan is ready “to make significant investments and exert attempts to carry these strategic designs to fruition” and hopes its licensees “will consider a similar prolonged-term look at as nicely.” To start with Cagayan states it will be consulting with its licensees more than the up coming few weeks, particularly more than the Cyberpark designs.

Hernando’s pitch closes with the hope that To start with Cagayan licensees will “continue to preserve your CEZA license(s) although we re-balance our regulatory and business product toward the Freeport in 2017.”

Hernando’s pitch is a direct result of To start with Cagayan’s recent plight, which stems from the anti-on the web gambling campaign that Philippine President Rodrigo Duterte launched inside minutes of having workplace final summer season. Right until that position, CEZA was the main licensor for the Asian-struggling with Philippine on the web gambling sector.

But inside weeks of Duterte’s announcement, the Philippine Amusement and Gaming Corporation (PAGCOR) verified that CEZA was in its sights. PAGCOR then declared that it was having into the on the web licensing match and that all Philippine-based on the web operators would have to get a new Philippine Offshore Gaming Operator (POGO) license.

CEZA-licensed operators experienced normally operated in a thing of a legal gray zone, but that gray is increasing darker by the day. Duterte’s intentions are tough to forecast, and CEZA operators know they could occur under considerably sharper scrutiny at any moment.

As these, To start with Cagayan is hunting to do all it can to toe the line, and it possible recognizes that its greatest shot at survival is to hold its licensees’ whole functions confined inside CEZA, as a result the technologies infrastructure upgrades.

Lots of CEZA-licensed operators had been pleased to hold a license in an isolated, largely undeveloped region on the country’s northern shore, but selected to base considerably of their business course of action outsourcing (BPO) and dwell seller functions in additional created city places like Makati.

To start with Cagayan is hoping that its new technique will permit it to retain a very good part of its current licensees, although possibly attracting other operators who couldn’t score a PAGCOR POGO license. Will To start with Cagayan’s gamble function? Only time – and possibly Duterte – will explain to.



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Okada Manila kicks off casino functions on Dec 30

Recently-opened Philippine built-in resort Okada Manila setting up to shut the year with the formal start of its casino functions on December 30.

The announcement will come immediately after the $2.four-billion casino resort secured a recognize to begin casino functions from condition gambling regulator, the Philippine Amusement and Gaming Company (PAGCOR), previous December 21.

Okada Manila kicks off casino operations on Dec 30Underneath the conditions of the offer with PAGCOR, Okada Manila’s casino functions will start off under a provisional license. A everlasting license is anticipated to be granted at a later stage.

Okada Manila, produced by Philippines-primarily based Tiger Resort, Leisure and Enjoyment Inc., opened its doors to the community previous December 21—an party referred to by the venue’s promoter as a “preview period.” The formal opening for the resort, which sits on a forty four-hectare house, will choose area at the conclusion of February 2017, Tiger Resorts explained in a assertion.

Kazuo Okada, who chairs Tiger’s mum or dad company, Japanese gaming conglomerate Common Enjoyment Corp, explained to Ab muscles-CBN News that Okada Manila’s very first section would build concerning eight,000 and 10,000 work, increasing to twenty,000 work inside two decades as new phases are done.

Okada also recommended that he would list his “casino business” on the Philippine stock trade in a year’s time. The Japanese gaming tycoon believes the casino will convert a income in its very first year of operation and recoup his complete investment decision inside a few to five decades.

Okada Manila joins Bloomberry Resorts’ Solaire Resort & On line casino and Melco Crown Entertainment’s Metropolis of Dreams Manila, when the fourth and ultimate Enjoyment Metropolis job, Travellers International’s West Facet Metropolis Resorts Environment, is concentrating on a 2020 start.

The house has a two-wing lodge with 993 rooms. Apart from the casino, the resort also options dining places, stores and assembly house. Okada Manila explained the opening of the lodge and further dining places would be declared in the coming months.



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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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Travellers’ Q3 financial gain jumps 153 per cent

Powerful gaming revenues buoyed the third-quarter financial gain of built-in gaming vacation resort Resorts World Manila (RWM) developer Travellers Intercontinental Resort Team Inc. by 153.five per cent to PHP1.eighteen billion (US$24. million).

Travellers’ Q3 profit jumps 153 percentIn a filing in advance of the Philippine Inventory Exchange on Monday, Travellers reported that its financial gain improved in the July to September 2016 in comparison to million (US$ 9.51 million) in the prior-12 months period of time.

Web revenues from gaming rose additional modestly – by fourteen.two per cent 12 months-on-12 months – to somewhere around PHP6.21 billion, according to the casino operator. Travellers extra that its web financial gain for the to start with 9 months rose by five.three per cent 12 months-on-12 months to PHP two.98 billion (US$ sixty.6 million).

“The company carries on to be worthwhile and remains fully commited in retaining recurring dividends to our shareholders though currently being equipped to increase operations,” Kingson Sian, Travellers president and chief government officer, stated.

Travellers – a enterprise concerning area conglomerate Alliance Global Team Inc. and Hong Kong-stated Genting Hong Kong Ltd – boosted its third quarter cash circulation by 35 per cent 12 months-on-12 months to P1.9 billion (US$ 38.67 million). For the 9-thirty day period period of time, cash circulation eased by per cent 12 months-on-12 months to P4.85 billion (US$ 98.seventy one million).

The non-gaming company of Travellers, which include resort, food stuff and beverage and other revenues, notched P859.two million (US$17.forty nine million) in the third quarter, raising by all around two per cent 12 months-on-12 months. For the 9-thirty day period period of time, non-gaming revenues grew by ten.9 per cent 12 months-on-12 months to P2.seventy six billion (US$ 56.17 million).

Complete home depend for RWM’s three lodges Maxims Resort, Remington Resort, and Marriott Resort Manila remained at one,226 with occupancy price robust at 85 per cent.

It reported that the Marriott West Wing is scheduled to open up within just the 12 months which will improve overall home depend to around one,450, building Resorts World Manila the largest resort operator among the built-in resorts in the nation.

“Expansion jobs in Resorts World Manila are in total swing, with period two on its tail close with the completion of the Marriott [resort] west wing. Stage three, which will consist of three lodges, Hilton Manila, Sheraton Manila Resort, and Maxims II, is scheduled to be operational by 2018. Stage three will also include an further gaming space, new retail spaces and 6 basement parking decks,” the company stated.

Travellers also reiterated its dedication to the Philippine Amusement and Gaming Corporation’s US$one.three-billion gaming vacation resort plan in a zone called Leisure Town. The undertaking – Westside Town Resorts World – was previously recognized as Resorts World Bayshore Town, and broke ground in October 2014.

“Since Pagcor was only equipped to change around and/or produce possession of [the internet site] to the group in 2014, Pagcor approved a revised undertaking implementation program for the Westside Town Resorts World Project believed to be finished in the fourth quarter of 2020,” Travellers stated.



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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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