PAGCOR has announced it collected US$19.9m from e-sabong operators in their first four months of operation.
The Philippines.- The Philippine Amusement and Gaming Corp (PAGCOR) has collected PHP1bn (US$19.9m) in fees since licenced e-sabong (online cockfighting) operators started to operate in the Philippines.
The regulator has warned the public not to participate in cockfighting betting offered by illegal operators. It said it is cooperating with the National Police, the National Bureau of Investigation and the Ministry of Information Technology to crack down on illegal operators.
PAGCOR chairman Andrea Domingo said the maximum number of e-sabong licences would be 12. She said there were currently 12 applications pending, but that only 8 new entrants will be allowed to enter the market.
Domingo said PAGCOR chose to regulate e-sabong to eradicate illegal gambling and make up for lost revenue from its land-based casinos and online gaming companies, which have been hit hard by countermeasures to contain the Covid-19 pandemic.
She predicted that licensed e-sabong operators in the Philippines could generate revenue of between PHP3bn to PHP3.5bn this year.
PAGOR and IEC confirm agreement to develop New Coast Hotel
International Entertainment Corporation (IEC), has been notified by its subsidiary Marina Square Properties (MSPI) that it has received a signed Cooperation Agreement from PAGCOR for the development of its New Coast Hotel property in Manila. The agreement is valid until March 31, 2031.
The agreement had been postponed due to the enhanced community quarantine (ECQ) imposed in Manila between August 6 to August 21.
IEC’s New Coast Hotel will feature 250 gaming tables, 100 junket tables, 1,600 slot machines and 800 5-star luxury hotel rooms, as well as restaurants, leisure facilities and shopping arcades.
According to the company filling, MSPI and PAGCOR will establish a joint management committee as a governing body for the management and operations of the casino and will immediately commence casino operations.
MSPI has the authority to participate in the management of the casino through the six-member committee.