Philippine Casino News
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Roulette arbitrage betting strategy. Olongapo City, Philippines: Hotel casinos and other gaming information regarding up-to-date gambling news, Texas hold’em tourneys, slots info, pari-mutuel (dogs & horses), and more subjects. Contact information and pictures of most casinos in Olongapo City. The Philippines Amusement and Gaming Corp (PAGCOR) is studying a proposal to allow land-based casinos accept bets online as operators and the government seek ways to mitigate losses due to Covid-19. The market regulator said in an email response to Asia Gaming Brief that it had received the request from operators in the country during the crisis. “During the lockdowns this year, proposals.© AFP/File PAGCOR eyes gradual reopening of casinos
MANILA, Philippines — The Philippine Amusement and Gaming Corp. (Pagcor) is eyeing the resumption of casino operations this month to save the jobs of thousands of workers employed by the gaming industry and generate much-needed revenues for the government’s coronavirus disease 2019 (COVID-19) response.
The gaming regulator wants to reopen casinos gradually either this month or in July, Pagcor chairman and chief executive officer Andrea Domingo said on Monday.
Pagcor suspended the operations of casinos last March when the government imposed community quarantine measures to contain the spread of COVID-19.
Domingo said operators should follow health and safety protocols if casinos would be allowed to reopen.
“We cannot resume operations with 100 percent of our workforce. We have to observe social distancing. We need to conduct rapid testing for our employees,” she said.Philippine Casino News
Domingo said the resumption of casino operations would save 132,000 workers from being jobless and allow the government to generate revenues to fund measures against COVID-19.
“We have to maximize revenue collection because we need the money not only for COVID-19 response but also to jumpstart the economy after the health crisis is over,” she said.
Last month, casino operator Okada Manila announced that it would lay off more than 1,000 employees, citing revenue losses due to lockdown measures.
In the first quarter of the year, Pagcor’s net income dropped to P777.44 million from P1.55 billion in the same period last year.
Pagcor’s revenues from gaming operations also went down by 5.72 percent to P17.22 billion from P18.27 billion.
Earlier, Domingo said the suspension of casino operations due to quarantine restrictions would cost the gaming regulator an estimated P6 billion in lost revenues every month.
“We have been doing very well, but COVID-19 came and somehow we have to take three steps back. But we are going to bounce back this month or at the very latest in July,” she said.Philippine Casino News
(Bloomberg) -- PH Resorts Group Inc. expects its $465 million Emerald Bay casino in central Philippines to break even within seven years from its opening late next year.Popular Searches
The casino that’s being built on Mactan island in Cebu province is counting on a “strong recovery” in the local market and a gradual return of international high rollers a year from now, Chief Operating Officer Jose Angel Sueiro said. He expects the nation’s gaming industry to surpass pre-pandemic levels in 2022, counting on a vaccine to aid recovery.
“Human emotions, they don’t change,” Sueiro said in an interview. “People who love the thrill of being in the casino, that particular feeling to be on the tables and the slot machines, will keep coming.”
PH Resorts, owned by businessman Dennis Uy, is on a 10-day trading suspension until Nov. 4. after a share sale on Oct. 28 that raised 756 million pesos ($15.6 million).
A seven-year casino monopoly extended by the Lapu-Lapu city government will help Emerald Bay achieve break even in the period, Sueiro said. With a “unique” location by the beach and facilities on par with casinos in Manila and Macau, about 50 million people living in central and southern Philippines are an immediate potential market, he added.
“A seven-year break even period is a bit long, but this takes into account its smaller gaming capacity and that it’s opening in phases,” Rachelle Cruz, an analyst at AP Securities Inc., said. “International travel will also take time to recover.”Philippine Casino News TodaySeeking High Rollers
Access to local players is critical as the casino builds a rolodex of mass premium and VIP clients, who will provide half of Emerald Bay’s income, Sueiro said. Talks are already underway with as many as 10 junket operators across Asia, with Japan, South Korea, Singapore and Malaysia among markets being eyed to diversify its international base away from China’s gamblers.
The Cebu casino could track the 20% annual growth in Manila’s gaming revenue in the past decade, Sueiro said, which was driven by the opening of four integrated casino resorts. Casinos are “resilient” and it’s not a gamble to say the market will bounce back from the pandemic.
“The market is there. It’s a sure thing,” Sueiro said. “The desire of people to come back to the casinos, to enjoy their baccarat, the roulette and slot machines, that hasn’t changed.”
(Adds COO’s comment on monopoly in fifth paragraph.)
For more articles like this, please visit us at bloomberg.com
©2020 Bloomberg L.P.
Register here: http://gg.gg/uxpf3
https://diarynote.indered.space
*Philippine Casino News
*Philippine Casino News
*Philippine Casino News Today
Roulette arbitrage betting strategy. Olongapo City, Philippines: Hotel casinos and other gaming information regarding up-to-date gambling news, Texas hold’em tourneys, slots info, pari-mutuel (dogs & horses), and more subjects. Contact information and pictures of most casinos in Olongapo City. The Philippines Amusement and Gaming Corp (PAGCOR) is studying a proposal to allow land-based casinos accept bets online as operators and the government seek ways to mitigate losses due to Covid-19. The market regulator said in an email response to Asia Gaming Brief that it had received the request from operators in the country during the crisis. “During the lockdowns this year, proposals.© AFP/File PAGCOR eyes gradual reopening of casinos
MANILA, Philippines — The Philippine Amusement and Gaming Corp. (Pagcor) is eyeing the resumption of casino operations this month to save the jobs of thousands of workers employed by the gaming industry and generate much-needed revenues for the government’s coronavirus disease 2019 (COVID-19) response.
The gaming regulator wants to reopen casinos gradually either this month or in July, Pagcor chairman and chief executive officer Andrea Domingo said on Monday.
Pagcor suspended the operations of casinos last March when the government imposed community quarantine measures to contain the spread of COVID-19.
Domingo said operators should follow health and safety protocols if casinos would be allowed to reopen.
“We cannot resume operations with 100 percent of our workforce. We have to observe social distancing. We need to conduct rapid testing for our employees,” she said.Philippine Casino News
Domingo said the resumption of casino operations would save 132,000 workers from being jobless and allow the government to generate revenues to fund measures against COVID-19.
“We have to maximize revenue collection because we need the money not only for COVID-19 response but also to jumpstart the economy after the health crisis is over,” she said.
Last month, casino operator Okada Manila announced that it would lay off more than 1,000 employees, citing revenue losses due to lockdown measures.
In the first quarter of the year, Pagcor’s net income dropped to P777.44 million from P1.55 billion in the same period last year.
Pagcor’s revenues from gaming operations also went down by 5.72 percent to P17.22 billion from P18.27 billion.
Earlier, Domingo said the suspension of casino operations due to quarantine restrictions would cost the gaming regulator an estimated P6 billion in lost revenues every month.
“We have been doing very well, but COVID-19 came and somehow we have to take three steps back. But we are going to bounce back this month or at the very latest in July,” she said.Philippine Casino News
(Bloomberg) -- PH Resorts Group Inc. expects its $465 million Emerald Bay casino in central Philippines to break even within seven years from its opening late next year.Popular Searches
The casino that’s being built on Mactan island in Cebu province is counting on a “strong recovery” in the local market and a gradual return of international high rollers a year from now, Chief Operating Officer Jose Angel Sueiro said. He expects the nation’s gaming industry to surpass pre-pandemic levels in 2022, counting on a vaccine to aid recovery.
“Human emotions, they don’t change,” Sueiro said in an interview. “People who love the thrill of being in the casino, that particular feeling to be on the tables and the slot machines, will keep coming.”
PH Resorts, owned by businessman Dennis Uy, is on a 10-day trading suspension until Nov. 4. after a share sale on Oct. 28 that raised 756 million pesos ($15.6 million).
A seven-year casino monopoly extended by the Lapu-Lapu city government will help Emerald Bay achieve break even in the period, Sueiro said. With a “unique” location by the beach and facilities on par with casinos in Manila and Macau, about 50 million people living in central and southern Philippines are an immediate potential market, he added.
“A seven-year break even period is a bit long, but this takes into account its smaller gaming capacity and that it’s opening in phases,” Rachelle Cruz, an analyst at AP Securities Inc., said. “International travel will also take time to recover.”Philippine Casino News TodaySeeking High Rollers
Access to local players is critical as the casino builds a rolodex of mass premium and VIP clients, who will provide half of Emerald Bay’s income, Sueiro said. Talks are already underway with as many as 10 junket operators across Asia, with Japan, South Korea, Singapore and Malaysia among markets being eyed to diversify its international base away from China’s gamblers.
The Cebu casino could track the 20% annual growth in Manila’s gaming revenue in the past decade, Sueiro said, which was driven by the opening of four integrated casino resorts. Casinos are “resilient” and it’s not a gamble to say the market will bounce back from the pandemic.
“The market is there. It’s a sure thing,” Sueiro said. “The desire of people to come back to the casinos, to enjoy their baccarat, the roulette and slot machines, that hasn’t changed.”
(Adds COO’s comment on monopoly in fifth paragraph.)
For more articles like this, please visit us at bloomberg.com
©2020 Bloomberg L.P.
Register here: http://gg.gg/uxpf3
https://diarynote.indered.space
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