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Updates On PhilWeb

PHILWEB LATEST (Update)
 
Ongpin to auction his 53.76 percent of the company, and Valdes hopes for a fresh start to save 5,000 jobs.
 
Media reports from Manila Wednesday are that the recently resigned chairman of Philweb, Roberto Ongpin, has announced that he is to sell his 53.76 percent stake in the company in what he claims is a last ditch effort to save the jobs of 5,000 employees, whilst PhilWeb president Dennis Valdes said he hopes for a fresh start and is reluctant to start firing people.
 
The companys found itself in dire straits over a two week time-frame after the new Philippines president Rodrigo Duterte said he wants to eliminate online gambling, and was directly critical of Philweb chairman Roberto Ongpin. This led to Ongpins resignation, and to PAGCOR refusing to renew Philwebs licence as the companys share price plummeted - falling over 70 percent.
 
Ongpin claims that his motive in selling off his stake in the company by public auction is to save the firm and its 5,000 employees.
 
"In a final effort to save the jobs of thousands of innocent people who will be affected, I will sell my entire stake in PhilWeb," he said in a statement to shareholders Wednesday.  "I hereby announce that I have decided to conduct an open auction for all these shares as of today.
 
"This auction is open to every financially capable person or entity who wishes to submit a bid, and I will sell my shares to the highest bidder," he said.
 
"I had hoped that with my resignation, PAGCOR would be able to renew the contract, and thus save the thousands of people. Unfortunately, it was not to be, and PAGCOR has officially notified PhilWeb that its license will not be renewed and it must cease operations as of midnight tonight," he added. "You are just all innocent bystanders....the lightning bolt was meant for me alone."
 
Philweb president Dennis Valdes said that Philweb will not at this point lay off employees because it hopes for a fresh start by applying for a new intellectual property licence agreement with PAGCOR "within the next few weeks."
 
"Once we secure a new license from PAGCOR, we will restart PhilWeb, which will be very soon," Valdes assured shareholders.
 
However, he went on to qualify his assurance, saying:
 
"If there are sticky matters, it should drag on for quite a while. But I am hopeful that we will get restarted fairly quickly – a week or two. By that time, we believe that if were lucky we should be all done. We can ask the PSE to lift suspension," Valdes said, referring to the Philippines Stock Exchangesuspension of Philweb trading from August 10 to August 24 due to "material uncertainties."
 
Valdes said that if the company fails in its bid for a new contract the board of directors will have to decide on the way forward.
 
Ongpin interjected that he hoped that by distancing himself from the company it would make a new contract easier to achieve.
 
"I want to facilitate the renewal of PhilWebs license by stepping out of the way. The President, he doesnt like me. So I am exiting," Ongpin observed.
 
Valdes said PhilWeb will be foregoing P4.47 million in gross gaming revenue a day, once it stops the operations of its e-gaming outlets.
 
"I think were now averaging about P15 million a day in gross gaming revenue, so 29.8 percent of that is PhilWeb; while 40 percent of it goes to PAGCOR," he explained.
 
The cease of PhilWebs e-Games operation will mean P6 million foregone revenue a day for PAGCOR, Valdes added.

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Gambling News :

Twin River Management Launches Simulated Gaming product - GAN has launched its Simulated Gaming product at the Twin River Management Group's land casino in Rhode Island, USA, revealing the identity of its ninth US customer.

VLeague and Mojo Games partner up - #Alisports B2B multi-gaming platform and social games provider Mojo Games has partnered with VLeague Internet Technology to provide online social games and poker tournaments to Asian sports giant Alibaba Sports Group (AliSports).

SBTech In SportsBook Deal With Winmasters - #SBTech #Winmasters has already achieved significant market share in the Romanian regulated market and is now targeting a number of other EU countries with national regulatory regimes.

Life of Riches Slot Launching - The company released a preview of its "Life of Riches" slot Friday, a 5 reel, 30 selectable pay-lines game with a theme featuring luxury cars, expensive yachts, private jets and a liberal sprinkling of glitterati.

Dutch to impose harsher fines On Illegal Gambling Operators - The Dutch gambling regulator Kansspelautoriteit has announced that it is to take a tougher line with unlicensed online operators who access Dutch punters, intensifying enforcement and imposing substantially heavier fines on offenders.

Makati City is becoming an unfriendly internet gaming environment - The Makati City government in the Philippines has just shuttered its 117th online gambling firm since the middle of the year for operating without a current permit, perpetuating the sense that the region is an increasingly hostile online gambling environment.

Land Casino Bill Passes in Japan - A bi-partisan side meeting of leading lawmakers led to Komeito Secretary General Yoshihisa Inoue agreeing that his party would not protest the vote in the House of Representatives Cabinet committee Friday afternoon.

Inaugural meeting of the Massachusetts Gaming Commission - Thursday's inaugural meeting of the Massachusetts Gaming Commission committee tasked with reviewing online gambling developments and possibilities met Thursday and briefed local media on their mandate.

easyPLAY Launches Online Slot Tournaments - #easyPLAY Las Vegas land casino giant MGM Resorts is more effectively leveraging its on-premises mobile gaming services by expanding the availability of its easyPLAY online casino tournaments throughout the state of Nevada.

Jetsetter slot Pays 130 Bitcoin WIn - #bitcoin Prague-based online slot developer Endorphina reports that its Jetsetter slot on the Bitcasino.io site has just delivered a major hit for an anonymous player.

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