Philippine tycoon makes casino move

Despite President Duterte’s rejection for new gaming resorts, local tycoon Dennis Uy turned his company into a casino developer.

Philippines.- Philippine President Rodrigo Duterte received major support from local tycoon Dennis Uy but the magnate may have just turned on him. Mr Uy has converted his company Philippine H2O Ventures into PH Resorts Group Holdings, which has been described as a vehicle for integrated resorts and casinos.

The tycoon’s move clearly goes against President Duterte’s determination to block the installation of new gambling developments in the country. Still, the Securities and Exchange Commission granted the request to convert the company and allowed Mr Uy to get it listed without it being subject to initial public offering requirements, like proving track record and profitability.

The company was created to control “tourism-related businesses,” such as two integrated resorts to be developed in the island of Cebu and Clark Freeport Zone, a former U.S. military base north of Manila.

“As we foray deeper in the tourism sector, we hope to usher in a new era of growth for our shareholders,” Uy, who chairs PH Resorts, said in June. The tycoon was a major supporter of Duterte’s campaign and continued to back his policies after he was elected. However, his latest move seems to go against the president’s will.