PhilWeb Corp, which operates Internet cafés across the Philippines that are dedicated to casino games, announced on Tuesday that Eric O. Recto has resigned as vice chairman and member of the board of directors. Mr Recto’s resignation is “effective immediately”, the company told the Philippine Stock Exchange.
PhilWeb said Mr Recto wants to focus on his roles as chief executive of ISM Communications Corp and as chairman of the board at Philippine Bank of Communications Inc.
The company is yet to announce a replacement.
PhilWeb reported a drop in profit for the three months to June 30. The company’s current main business consists of licensing proprietary software and providing technical, marketing and cash management services to state-owned Philippine Amusement and Gaming Corp’s (Pagcor) e-Games cafés.
Sep 21, 2021A Macau government proposal that its approval should be required before local casino operators could distribute dividends to shareholders came as a “surprise”, management at Macau licensee SJM...
”The Macau government is not aiming to trivialise or drive out the junket sector, but to regulate the sector so that it would not hurt Macau’s reputation”
Alvin Chau Cheok Wa
Chief executive of privately-held VIP junket business Suncity Group