Reading Time: 1 minute
The Philippine Amusement and Gaming Corp (PAGCOR), the gambling regulator of the Philippines, has stopped issuing issuing franchises for casinos in the country. The move is reportedly ordered by President Rodrigo Duterte.
The decision is expected to cost a huge amount to state coffers. To give an indication, the gambling industry contributed €255.2 million to state revenues during the first quarter of the year.“There’s no gambling. I will not allow gambling. I’m not issuing any franchise for gambling in the entire Philippines now. It’s a moratorium… I hate gambling,” the President said on Tuesday. His comments follow the firing of all officials of the Nayong Pilipino Foundation over a controversial 70-year property lease contract with Hong Kong-based Landing International Development Ltd. that Duterte branded as “grossly disadvantageous to the government.”
“As a regulator, PAGCOR is duty bound to ensure that all gaming-related regulations are adhered to, balancing the responsibility of increase badly-needed revenues for the government and safeguarding the best interest of the Philippine people,” Pagcor said in a recent statement.
Source: European Gaming Industry News