• About Us
  • The Team
  • Advertise with Us

The latest news on the gaming industry in Asia

() () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () ()
  • Home
  • Macau
  • Philippines
  • Singapore
  • Japan
  • Rest of Asia
  • World
  • Features
  • Industry Talk
  • Trends & Tech
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

Pagcor rejects offer of free stake in PhilWeb: reports

Aug 19, 2016 Newsdesk Latest News, Philippines, Top of the deck  


Pagcor rejects offer of free stake in PhilWeb: reports

The Philippine Amusement and Gaming Corp – also known as Pagcor – has rejected a donation of a 49-percent stake in gaming parlour operator PhilWeb Corp, according to media reports. The rejection appeared in the country’s media before the gaming regulator-cum-operator had given any response to the company, PhilWeb said in a filing on Friday.

On Wednesday Roberto Ongpin, controlling shareholder of PhilWeb, had offered to donate 49 percent of the company to Pagcor, asking in return that the firm’s licence be renewed by the authorities, in order to “save the jobs” of approximately 6,000 people. He had added that Pagcor – as an operator of casinos as well as the national regulator – would be in a position to maintain the running of the business.

But on Friday morning several media outlets had quoted a statement from Pagcor chairman Andrea Domingo that noted – referring to the Mr Ongpin by his initials, and to the nation’s new president. Rodrigo Duterte: “‘The issue is not RVO or PhilWeb per se… It is the President’s and his government’s opposition to online and on-site electronic gaming because of the social ills and decay they foist on our communities as they cater to the more economically vulnerable portion of our population…”

The comments attributed to Ms Domingo were mentioned in PhilWeb’s Friday filing, which cited a report in Business World Online. GGRAsia approached Pagcor asking it to confirm the statement attributed to Ms Domingo, but had not received a reply by the time this story went online.

Following the Friday news reports saying Ms Domingo had rejected the offer, PhilWeb said in its filing: “We have not received any official statement from Pagcor on this matter.” It added the issue was to be discussed at a board meeting at 11am local time on Friday.

Mr Ongpin had announced last week he would sell his entire 53.76-percent stake in PhilWeb via an open and public bidding process in an effort to salvage the business.

PhilWeb has come under the regulatory spotlight since Philippines President Rodrigo Duterte made a number of anti-oligarch and anti-online gambling remarks.

Mr Duterte had singled out Mr Ongpin, a former trade minister, as one of the country’s “monster” oligarchs. He accused Mr Ongpin of currying favour with previous presidents and using his influence to boost his businesses.

Mr Ongpin and his daughter Anna Bettina Ongpin have since both resigned from PhilWeb.

Net income at PhilWeb fell to PHP22.2 million (US$478,825) in the three months ended June 30, down 89 percent from PHP201.7 million a year earlier, the company said in a filing to the Philippine Stock Exchange on Tuesday.


  • tweet
Related articles
  • Boracay casino scheme officially intact: Pagcor
    Boracay casino scheme officially...

    Apr 20, 2018  

  • Galaxy Ent drops Boracay project, looks elsewhere: reports
    Galaxy Ent drops Boracay project, looks...

    Apr 17, 2018  

More news
  • Macau regulator approves Lucky 6 side bet for baccarat
    Macau regulator approves Lucky 6 side...

    Apr 25, 2018  

  • China lottery sales up 6pct March, 9pct for 1Q
    China lottery sales up 6pct March, 9pct...

    Apr 25, 2018  


Latest News

Macau regulator approves Lucky 6 side bet for baccarat

Macau regulator approves Lucky 6 side bet for baccarat

Apr 25, 2018  

Macau’s casino regulator has approved the introduction of a new betting option for the casino game of baccarat as it is offered in the local market. The announcement was published in the city’s...
Read More
China lottery sales up 6pct March, 9pct for 1Q

China lottery sales up 6pct March, 9pct for 1Q

Apr 25, 2018  

Konami wins Carnival Corp casino management tech deal

Konami wins Carnival Corp casino management tech deal

Apr 25, 2018  

Slideshow

Macau casinos celebrate Chinese New Year

Interviews

  • BMM prepped for Macau EGM regulation update: White
    BMM prepped for Macau EGM regulation update: White

    Jan 04, 2018  

    BMM Testlabs “ticks all the boxes” with regard to its...
  • Japan, Cambodia, Vietnam casino biz to watch: Klebanow
    Japan, Cambodia, Vietnam casino biz to watch: Klebanow

    Dec 08, 2017  

    The regulated casino industry is well versed in dealing...
  • Cloud services, e-Sports highlights of MGS 2017: Chun
    Cloud services, e-Sports highlights of MGS 2017: Chun

    Oct 23, 2017  

    The presence of some of the leading cloud computing...
  • Crunch time for Tokyo casino option: Caesars exec
    Crunch time for Tokyo casino option: Caesars exec

    Jul 11, 2017  

    The Tokyo local election setback for Japan’s governing...
  • Suncity bets on Vietnam, resurgent Macau VIP: Andrew Lo
    Suncity bets on Vietnam, resurgent Macau VIP: Andrew Lo

    Jul 06, 2017  

    A multibillion U.S. dollar casino project on Vietnam’s...

Pick of the Day

"As CEO, I am not interested in looking at the rear-view mirror… I am only focused in the future"

Matt Maddox

Chief executive of Wynn Resorts and Wynn Macau



Most Popular

  • Macau Legend plans min US$300-mln further Laos inputMacau Legend plans min US$300-mln further Laos input April 24, 2018
  • Wynn Macau Ltd profit doubles, peninsula revamp soonWynn Macau Ltd profit doubles, peninsula revamp soon April 25, 2018
  • Macau regulator approves Lucky 6 side bet for baccaratMacau regulator approves Lucky 6 side bet for baccarat April 25, 2018

Copyright 2017 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us