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Business
August 2, 2021
Belle Corp Reports Profit as Manila Enters Strict Lockdown
Belle Corp reports profitable rental income from City of Dreams Manila, but casinos prepare for a new two-week strict lockdown period starting on August 6. For the six months to June 30, 2021, Philippines real estate company Belle Corporation has reported a 244% increase in consolidated net income and a 27% increase in consolidated revenues […]
Industry
July 16, 2021
COVID-19 restrictions are set to be eased in the Philippines
After suffering massive profit losses due to COVID-19, Metro Manila in the Philippines finally has some good news. The capital is set to ease off some of its restrictions and the spokesperson for President Rodrigo Duterte, Harry Roque, states that the general community quarantine will be in effect only until July 31. Casinos are affected, […]
Industry
July 9, 2021
Duterte Changes Stance on Gambling Due to COVID-19 Impact on The Philippines
Once a fierce opponent of gambling activities, Philippine president Rodrigo Duterte has changed his position to urge wagering in order to attract funds after the devastating impact of the pandemic. Duterte Softens Tone on Gambling Philippine President Rodrigo Duterte has softened his tone with regards to gambling in the country due to the negative impact […]
Legal
July 7, 2021
PAGCOR Splits Teams to Oversee Online and Land-Based Ops
The gambling regulator in the Philippines, PAGCOR, reportedly introduced a structural change to its teams. PAGCOR established a team that would monitor online gambling only. The regulator dedicated a separate team was tasked to supervise and monitor land-based operations. Gambling Watchdog Separates Teams to Online and Land-Based PAGCOR, the Philippine casino regulator and operator, established […]
Business
June 29, 2021
Universal Entertainment Takes on New Debt to Pay off Existing Debt Early
Universal Entertainment is going to use new debt to pay off existing debt, according to a recent announcement made by the company. The operator of the Okada Manila in the Philippines is planning on placing, outside its home country of Japan, new notes that will allow it to pay down the principal on existing notes […]
Business
June 28, 2021
Philippines the Latest to Be Added to the FATF’s Naughty List
The Philippines needs to become more proactive in fighting financial crime. That’s the message the Financial Action Task Force (FATF) sent out last Friday when it added the country to its grey list, the ledger that sits right next to the agency’s blacklist. The Philippines join two European countries, Malta and Romania, which were added […]
Casino
June 1, 2021
Philippine President Urges for Online Casino Tax Bill
The Philippines wants to generate tax revenue from the gaming industry, calling for 25% income tax on foreign employees and 5% tax on offshore gaming operators’ gross gaming revenue. Offshore Gaming Operators to Pay 5% Tax in the Philippines Philippine President Rodrigo Duterte has called lawmakers to move forward and pass the bill, which would set income […]
Industry
June 1, 2021
Philippine President Duterte Anxious to See Approval of Bill to Find New Tax Dollars
The Philippines still hasn’t been able to start its recovery from COVID-19, with cases still emerging that are hindering the relaxation of health restrictions. Metro Manila is still under modified quarantine, and will be until the middle of the month, which means casino revenue will still be under expectations. The biggest benefit can be offered […]
Industry
May 6, 2021
Philippine Casinos on the Way to Economic Recovery
PAGCOR, the Philippine gambling regulator released data outlining gross gaming revenue for Q1 of 2021. GGR in Q1 of 2021 hit Php23.27 billion, which marks an increase of 17.5% when compared to Q4 2020. Licensed Casinos Mark Increase in GGR for Q1 2021 More than a year has passed since the start of the global […]
Casino
May 4, 2021
PAGCOR Issues Online Gaming Licenses to Three Resorts
The pandemic has prompted Philippines gambling regulator PAGCOR to expedite the transition towards online legal gaming hosted by the country’s leading casino resorts. Casino Resorts in the Philippines Turn to Online Gambling as Lifeline Philippines state-controlled Entertainment City integrated resort operators have launched online casinos as the country continues to battle a raging COVID-19 pandemic which has […]