In the Philippines, the Vice Speaker of the House of Representatives has reportedly asked new President Ferdinand 'Bongbong' Marcos Jr. to create a new state-owned regulatory body for the country's casino industry.
Rufus Rodriguez's (pictured) plea comes amid growing criticism of the Philippine Amusement and Gaming Corporation (PAGCor), which has a dual role as casino regulator and operator, Inside Asian Gaming reports.The source explains that the organization is responsible for a portfolio of 2 gambling-friendly establishments, while also being responsible for issuing licenses and managing responsible gambling programs.
push forward
Founded in 1977, PAGCor was due to begin selling its operating interest in 2016 following an order by then-President Rodrigo Duterte.But the plan was initially postponed for two years, then indefinitely over claims that the company's real estate was a valuable source of income for a country struggling to fix its fragile economy.
alternative request
Rodriguez has now put a new spin on this long-running debate, reportedly calling on the government to establish a new Casino Gaming Regulatory Authority in the Philippines to act as the ultimate overseer of the burgeoning gambling industry. increase. The 68-year-old reportedly announced that such a move would eliminate the need to privatize PAGCor and allow the company to remain successful by focusing solely on its business functions. It is
Rodriguez's statement
“I strongly oppose the privatization of PAGCor. Why kill the goose that lays the golden eggs, or, more appropriately, why sell? It's not fair to businessmen investing in casinos because it doesn't help attract people."
latest leader
PAGCor's casino estates generated around $2019 million in gross gaming revenue in 6 before the pandemic, and more recently recorded a 6000% year-over-year increase in gross revenue to around $68 million in the first half of the year. is reported.The organization last month managed a new five-member board of directors, with local businessman Alejandro Tenco taking on the role of chairman and chief executive officer, and lawyer Juanito Sanosa filling the position of president and chief operating officer. placed below.
call for consideration
Former Deputy Mayor of Malolos City, Bulacan Province, Tengco owns construction giant Nationstar Development Corporation and was reportedly once a special assistant to prominent local entrepreneur Antonio 'Tonyboy' Cojuangco. He is known to be an ally of billionaire casino king Kazuo Okada.The person said Rodriguez's proposal was the most logical route for PAGCor, but said he wanted more time to properly evaluate such options.
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