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Pagcor Ordered to Sell Off Gambling Assets
Monday AUgust 29,2016 : PAGCOR ORDERED TO SELL OFF GAMBLING ASSETS
Privatization of state assets will help fund national budget.
Having all but dismembered the online gambling industry, the Philippines government of President Rodrigo Duterte has now focused on the land casino interests of state-owned Pagcor as a possible source to fund the national budget.
Philippines media reports Monday are that Pagcor chief Andrea Domingo has informed a parliamentary budget committee that the organization has been directed to privatize its land casino assets in order to help fund a proposed P 3.4 trillion national budget for 2016-2017.
“Finance Secretary Carlos Dominguez has told us to privatize Pagcor-owned casinos,” Domingo said. “We are now preparing the template for the planned privatization so we could maximize the benefits for the government.”
She added that there were no plans to abandon Pagcors regulatory role, and did not discuss possible sales pricing, although in answer to questions she revealed that Pagcor earned P 48 billion in 2015, with license fees constituting half of the revenue and gaming operations the remainder.
That translates to an annual revenue loss to the government over and above that incurred in crippling the domestic online gambling market. Philweb alone contributed around P10 billion a year to Pagcor coffers.
Last week Pagcor announced that it would offer six-month duration online gambling licenses to operators who agreed not to access Filipino punters Unconfirmed industry reports suggest these will be priced at around $200,000, with a fee of $10,000 per table a month, and a $100 per slot machine player. Licensees would also need to put up a $250,000 cash bond.
Domingo also intimated that Pagcor was planning to issue additional land casino licenses outside Manila, observing:
“It’s 100 percent money. This is going to augment our revenue without breaking any of the pronouncements of the president not to have Filipinos get into the gaming habit,” she said.
Danske Spil Bingo Moves to Microgaming -
The national lottery of Denmark, Danske Spil, is live on the Microgaming Bingo Network. Danske Spil, the Danish national lottery, is live on the Microgaming Bingo Network following a change to its licence conditions.
Quickfire live on Strendus -
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Microgaming has donated £30,000 between four charities -
Gift of Giving provides Microgamingís customers the opportunity to vote for one of several charities in their region. In lieu of Christmas gifts, £30,000 is split equally between four global regions: Isle of Man, UK and Europe, Africa, and Rest of the World.
Entertainment Betting Odds: 90th Academy Awards -
The Shape of Water leads Sundayís 90th Academy Awards (8 PM ET, ABC) with 13 Oscar nominations, but when it comes to Best Picture, this highly-acclaimed film is a +140 second-favorite behind Three Billboards Outside Ebbing, Missouri at Ė115.
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Cavaliers Aim to Take Down Wizards on 2/22/18 -
The Cleveland Cavaliers have looked like a different team since making their moves at the trade deadline. The Washington Wizards are up next for the Cavaliers, who will be at home after the All-Star break.
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