Philippines-based PhilWeb Corp says it has applied for a “renewal” of its licence to operate e-Games parlours in that country, after several of its senior executives met on Wednesday officials from the national gaming regulator, the Philippine Amusement and Gaming Corp (Pagcor).
“Mr Gregorio Ma. Araneta III and Mr Dennis O. Valdes, chairman and president of PhilWeb Corp, respectively, met with representatives of Pagcor earlier today to formally submit the former’s application for a renewal of its… intellectual property licence and management agreement… in connection with the operation of the… e-Games network,” said a letter from PhilWeb filed on Wednesday with the Philippine Stock Exchange.
Pagcor had announced on August 8 that it would not be renewing PhilWeb’s right to run a network of domestic gaming parlours offering Internet-delivered games.
Andrea Domingo, the head of Pagcor, has been quoted in the local media citing the risk of social harm to the mainly Filipino customers of the PhilWeb gaming parlours as a factor in the decision.
PhilWeb had offered Internet-delivered casino games via a network of 286 retail outlets in that country, according to company information. On July 11, PhilWeb had had its licence extended for a period of one month, until August 10.
PhilWeb’s founder and former major shareholder, Roberto Ongpin, stepped down as PhilWeb’s chairman on August 4, after the country’s head of state, President Rodrigo Duterte, singled out Mr Ongpin as an example of an “oligarch” he would bring down during his term. In early October PhilWeb said it planned to ask Pagcor for permission to recommence operation of electronic games parlours in the light of the group’s transition to a new leadership.
PhilWeb stated last week that Mr Ongpin was further distancing himself from the business by selling his 771,651,896 shares in PhilWeb – equivalent to a 53.76 percent stake and held via a group of companies – to Gregorio Araneta Inc for PHP2.60 (US$0.0534) per share. The company had announced in September the appointment of Gregorio Araneta III as board chairman, replacing Mr Ongpin.
Mar 21, 2019The Japanese city and surrounding prefecture of Osaka are likely to make a decision on their development partners for a tilt at a casino resort by “this time next year”, said Jim Murren (pictured...
Mar 21, 2019
"We hope that the earnings power of that building [the Londoner], when we are finished, can rival that of the Venetian [Macao]"
Senior vice president of investor relations at casino operator Las Vegas Sands