President Duterte Orders Stop on All New Casinos to Curb Oversupply

In an aim to curb oversupply in the Philippines, President Rodrigo Duterte, has mandated a stop on the entry and creation of new casinos.

As the Philippines is becoming one of Asia’s fastest-growing gambling industry, President Rodrigo Duterte has issued a cease order on the entry and creation of new casinos in the country to prevent an oversupply according to the country’s gaming regulator.

According to the chairman of the Philippine Amusement and Gaming Corp. (Pagcor), the President ordered a moratorium on January 11 due to the fact that he did not want the industry to be crowded.

From now on, Pagcor will no longer process applications for gaming licenses following the halt. So far, four applications for licenses, mostly by local businessmen are currently pending with the gaming agency.

Said development was confirmed the by the President’s spokesperson, Harry Roque. He further claimed that so far, there are no other details other than the president’s decision to halt casinos since the potential of such entertainment industry is not yet determined.

So far, the country has one of Asia’s most independent gambling industries. In fact, during the first half of 2017, the Philippines has recorded P88 billion in gross gaming revenues, showing a 12 percent increase from the previous year according to Pagcor’s data.

Said growth was attributed to the increasing foreign visitors in the country.

Also, since gambling is banned in many Asian countries, the Philippine has profited on the growth of the sector, and has generated tens of thousands of jobs and helps bring tourist to its tourists spots as well.

As of present, Pagcor operates numbers of casinos in the Philippines, having 526 game tables and some 10,461 machines and nine big casino complexes offering some 1,236 gaming tables and 7,767 electronic gaming machines based on a latest data.

Aizelle Joe