A report revealed that since the introduction of the new online regulations, FCLRC has lost 60 operators to Pagcor.
Philippines.- Leisure and Resorts World Corp. (LRWC) has recently experienced a 50 percent drop in iGaming companies that are licensed under FCLRC (First Cagayan Leisure and Resort Corp.) ever since Pagcor introduced new regulations for the online sector, as Philstar revealed.
Whilst FCLRC features 138 online gaming companies in 2016, the introduction of POGO has decreased that number to 70 approximately. Francis Hernando, chief operating officer of LRWC, said that they lost about 60, which were transferred to POGO. Before the new regulations imposed by Pagcor, international iGaming sites operating in the Cagayan Economic Zone were under the control of FCLRC. “This situation pushed us to develop Cagayan. Now, we have to think township. We have to have office buildings for the BPOs. We’re re-launching this thing,” said Hernando.
Moreover, the official confirmed that LRWC is investing in new projects in the area, the main project being an airport that is designed to accommodate private flights for junkets. “We have no choice but to start putting in investments in Cagayan. An international airport is key,” he added.