The Philippine Amusement and Gaming Corp (Pagcor) said on Tuesday it recently approved a PHP34.64-million (US$678,543) grant to be shared between cities and local government units that play host to a venue in the Casino Filipino network. Pagcor is the country’s gaming regulator cum state-owned casino operator.
The approved grant was to help the Casino Filipino host cities “cushion” the impact of the Covid-19 pandemic on their respective economies, the Pagcor chairman and chief executive Andrea Domingo, was cited as saying in the Tuesday release. Pagcor shares part of the revenue generated by the Casino Filipino network with the respective host cities of the casino brand.
Such revenue sharing had been suspended in April 2020, “the height of the strict lockdowns” that resulted in a disruption to Pagcor’s gaming operations, said the Tuesday notice. The resumption of the revenue share system for the host cities, only took place in January this year, according to the release.
“We resumed payment of the host cities’ share in January 2021, provided that the Casino Filipino branch is allowed to operate by host local government unit, and on condition that said branch meets the minimum target or operates at break-even at least,” Pagcor’s boss Ms Domingo was quoted as saying.
She added: “With the approved grant of PHP34.64 million, our host cities will be able to receive financial support that is almost equivalent to their host city share allocation under full operational capacity.”
Pagcor’s update stated the regulator had paid an aggregate of over PHP1.93 billion to the Casino Filipino host cities nationwide from 2016 to March 2020. These places included Manila, Pasay, Angeles City, Olongapo, Tagaytay, Cavite, Cebu, Lapu-Lapu City, Mandaue City, Bacolod, Negros Occidental, Iloilo, Laoag City, Illocos Norte and Davao.
The money shared between these local government units was to support various community causes, according to Pagcor’s Tuesday release.
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